Before assuming the duties of office, the treasurer must give a surety bond to the municipality subject to the following provisions.
1. Condition. The bond shall be conditioned on the treasurer's faithful discharge of all the duties of office.
2. Type. The bond may be a corporate surety bond or an individual surety bond.
A. If the bond is an individual surety bond, the surety shall provide the municipal officers with a detailed sworn statement of the surety's personal financial ability.
3. Amount. The bond need not be for more than twice the amount of taxes to be collected during the municipal year.
4. How paid. The municipality shall pay for the bond.
5. Sufficiency. The municipal officers are the sole judges of the sufficiency of the bond and sureties.
6. Recorded. After the municipal officers approve the bond, the clerk shall record the bond.
A. This record is prima facie evidence of the contents of the bond.
B. Failure to record the bond is not a defense to an action on it.