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The City Administrator, the Finance Director, the City Treasurer, and such other officers and employees as the Council may designate, before entering upon their duties, shall be bonded by individual and/or group bonds, for the faithful performance of their respective duties, payable to the City, in such form and in such amounts as the Council may prescribe, with a surety company authorized to operate within the State. The City shall pay the premiums on such bonds.

(Amended by Proposition 1, October 5, 1976.)