(a) All employees of the City who receive or disburse any of the funds of the City shall annually, before entering upon the duties of their office, give bonds to the City in an amount satisfactory to the Board of Aldermen, for the faithful discharge of their respective duties; and any other officer or employee may be required by the Board of Aldermen to give similar bonds.

(b) All City officers or employees from whom bonds are required shall furnish bonds of a surety company in form satisfactory to the City attorney in an amount satisfactory to the Board of Aldermen. The City Treasurer shall pay the cost of such bonds from the money appropriated for general expense.

(c) In case of the neglect of any officer to give bond as above specified after 10 days' notice from the Board of Aldermen that he or she is required to do so, his or her office shall thereupon become vacant and the vacancy shall be filled as hereinbefore provided.