Pursuant to the laws of the State of Washington and the charter of the City of Vancouver, all officials, assistants and employees of the City of Vancouver, except as hereafter stated, before entering upon the duties of their respective offices and employments, shall be bonded to the City of Vancouver conditioned upon the faithful performance of his or her official duties including the duties of all offices of which he or she is ex officio incumbent and further conditioned upon a proper accounting of all moneys and property received by virtue of his or her position or employment, ex officio or otherwise. The bonding required herein may be accomplished by a blanket type bond or by a blanket position type bond and the penalty therefore shall be not less than two thousand five hundred dollars. (Ord. M-205 §1, 1954)