The auditor, municipal judge, assessor, and the city manager of any city, and such other officers as the governing body may direct, before entering upon the discharge of the duties of their respective offices, shall execute and deliver to the city their separate bonds payable to the city, conditioned for the honest and faithful performance of their official duties. The bond must be in an amount fixed by the governing body of the city. The bond of the auditor must be set by resolution of the governing body of the city at a regular meeting in June of each year in an amount at least equal to twenty-five percent of the average amount of money that has been subject to the auditor’s control during the preceding fiscal year, as determined by the total of the daily balances of the auditor for the calendar year divided by the figure three hundred or the sum of two hundred fifty thousand dollars whichever is least. All official bonds must be approved by the executive officer of the city and filed in the office of the city auditor. The bonds must conform to the law applicable to the bonds of state officers and employees except that no personal surety may be accepted on any bond. A city may not pay the premium on any bond except a bond written in the state bonding fund or a bond procured to replace a bond canceled by the state bonding fund. The governing body at any time may require new and additional bonds of any officer.