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The Mayor shall furnish and file with the Clerk a good and sufficient bond, executed by a surety company authorized to do business in the State of Washington, in the minimum sum of five (5) times the amount of his or her annual salary, and such additional amount as may be determined by ordinance, for the faithful performance of mayoral duties. Such other officers and employees as the Council may determine by ordinance, shall furnish and file like bond in the amounts fixed by such ordinances. The giving and approval of the bond of every appointive officer or employee required by ordinance to give bond shall be a necessary part of the qualification of such officer or employee. Upon approval by the Council, the City shall pay a reasonable premium to a surety company for the execution of any bond required by this charter or by ordinance. Bonds of the elective officers shall be approved by the City Attorney and a judge of the Superior Court of Snohomish County, both as to sufficiency and form, and shall be deposited in a depository bank of Everett. All other bonds shall be approved by the Mayor and the City Attorney.