Certain City officials, as determined by the City Manager, shall obtain bonding from a good and sufficient surety before entering upon the duties of their respective offices. The bonds shall be payable to the City, duly approved by the City Attorney, and conditioned upon the faithful performance and discharge of the officials’ respective duties. For proper application and payment of all money or property coming into the officials’ hands by virtue of their offices, the bonds shall be in the amount of $25,000 each, except for the Finance Director and the City Treasurer, who shall obtain bonding in the amounts prescribed by state law. The City shall pay all premiums for the above-required bonds.