§ 40-13-02 — Bonds of city officials - Requirements - Approvals - Additional bonds

The auditor, municipal judge, assessor, and the city manager of any city, and such other
officers as the governing body may direct, before entering upon the discharge of the duties of
their respective offices, shall execute and deliver to the city their separate bonds payable to the
city, conditioned for the honest and faithful performance of their official duties. The bond must be
in an amount fixed by the governing body of the city. The bond of the auditor must be set by
resolution of the governing body of the city at a regular meeting in June of each year in an
amount at least equal to twenty-five percent of the average amount of money that has been
subject to the auditor's control during the preceding fiscal year, as determined by the total of the
daily balances of the auditor for the calendar year divided by the figure three hundred or the
sum of two hundred fifty thousand dollars whichever is least. All official bonds must be approved
by the executive officer of the city and filed in the office of the city auditor. The bonds must
conform to the law applicable to the bonds of state officers and employees except that no
personal surety may be accepted on any bond. A city may not pay the premium on any bond
except a bond written in the state bonding fund or a bond procured to replace a bond canceled
by the state bonding fund. The governing body at any time may require new and additional
bonds of any officer.