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Before any officer or employee of the city who handles city funds or inventories of materials and supplies shall be permitted to enter upon the duties of his office or employment, he shall obtain and file with risk management a fidelity bond from a bonding company authorized to do business in the State of Colorado, in an amount to be fixed by the council. The cost of such bonds shall be borne by the city. (Ord. No. 91-48, § 2, 11-13-1991)