The mayor, city manager, city treasurer, and any other officer or employee of the
city, prior to having access to any demand or time account or any safe deposit box
in the name of the city, shall be bonded in the amount of $50,000.00. All bonds shall
be procured from a regularly-accredited surety company authorized to do business under
the laws of the state and the city, the premiums on the bonds shall be paid by the
city. All such bonds shall be filed in the office of the city clerk. Providing, however,
no bond shall be required, secured or maintained if the city has in effect a public
official liability insurance policy and a crime insurance policy providing coverage
equal to or exceeding that which would be provided by the bonds set forth herein.
