Before assuming the duties of office, the Manager shall give a surety bond for such penal sum as the Council shall necessary to safeguard the finances of the city, which bond shall be executed by the manager as principal, and as surety by a corporate surety company authorized and licensed by the Insurance Commissioner of the state of Oregon to transact a surety business within the state of Oregon, and which bond shall continue in full force and effect during the incumbency of the Manager. Such bond shall be approved by the Council. All premiums for surety bonds for the Manager shall be paid by the city.

At the discretion of the Council the City may purchase insurance in lieu of the surety bond requirement if such insurance is equivalent to said surety bond and is deemed to provide more appropriate coverage. (Ord. 5-2015, 2015; Ord. 8-2007 § 1, 2007.)