§ 29.8-15. Fidelity Bonds.

 Before entering upon the duties of their respective officers or positions, the Municipal Manager and the Director of the Department of Finance and the Controller as well as any other officer, agent, or employee of the Municipality as the Council may determine, shall execute and file with the Municipality corporate surety bonds in such sum as shall be fixed by the Council. Each bond shall be joint and several, with one or more corporate sureties which shall be surety companies authorized to do business in the Commonwealth of Pennsylvania and duly licensed by the Insurance Commissioner of said Commonwealth.

 Each bond shall be conditioned upon the faithful discharge by the officer, the clerks, assistants, and appointees of all trusts confided in them by virtue of their office, upon the faithful execution of all duties required of them by virtue of their office, upon the just and faithful accounting or payment over, according to law, of all moneys and all balances thereof paid to, received or held by virtue of the office and upon the delivery to the successor in office of all books, papers, documents, or other official things held in right of the office. All such bonds and sureties thereon, before being accepted by the Municipality, shall be approved by the Municipal Attorney. The placing of such bonds shall be determined by the Council and the premium therefor shall be paid by the Municipality. Such bonds may provide for one or more additional obligees in the event that the officer bonded is acting in a dual or similar capacity with other political subdivisions or governmental or quasi governmental entities.