The City Manager shall furnish a corporate surety bond to be approved by the City Council in such sum as may be determined by the City Council and which shall be conditioned upon the faithful performance of the duties imposed upon the City Manager as herein prescribed. The premium for such bond shall be a proper charge against and shall be paid by the City. (Ord. 80-3 § 1, 1980; Ord. 76-3 § 1, 1976; Ord. 83 NS § 4, 1955; prior code § 2-4.)