(1) Bonds Required. Each municipal officer required by law or city code to be bonded shall, before entering upon the duties of his office, execute to the city a good and sufficient bond, to be approved by the mayor, conditioned on the faithful performance of his duties and the proper handling and accounting for the money and property of the city in his charge.

(2) Surety. Any association or corporation which makes a business of insuring the fidelity of others and which has authority to do such business within Iowa shall be accepted as surety on any bonds required herein.

(3) Amount of Bonds. Each officer named shall be bonded in the amount shown:

The council shall provide by resolution for a surety bond for any other officer or employee that the council deems necessary or, except for the mayor, for a blanket bond. The city shall pay the premium on all official bonds.

(4) Bonds Filed. All bonds when duly executed shall be filed with the clerk.