The treasurer of the city shall give bond for the safekeeping of said funds as follows:

A. The treasurer of the Firemen's Relief Association shall receive from the state commissioner of insurance all money belonging to the Firemen's Relief Fund of the Firemen's Relief Association of the city and other money collected, and shall deposit the same to the credit of the El Dorado Firemen's Relief Fund.

B. Such treasurer shall give bond for the safekeeping of such funds and for faithful performance in such sum with such sureties as may be approved by the governing body of the city. (Prior code § 13-602)