Official undertakings or bonds for City officers or employees shall be obtained from surety companies qualified to do surety business in the State of Oregon. The Council may obtain a faithful performance bond, an honesty bond, or insurance for City officers or employees. The Council may obtain an additional undertaking, bond or insurance whenever in the opinion of the Council an undertaking or bond becomes insufficient or additional protection is deemed necessary. Premiums on such bonds and insurance shall be paid by the City. [Ch. 1903, sec. 131; rev. 1914, sec. 87; 1928 pub., sec. 87; 1942 recod., sec. 2-601; rev. Nov. 6, 1962.]