The board shall obtain and carry individual bonds or a blanket bond on all employees under the control of the board, in such amount and with such insurance company or insurance companies as may from time to time be determined by the board, insuring the City of Decatur and undertaking to indemnify the City of Decatur for any loss sustained by the City of Decatur or any of the utilities under the control of the board through any fraudulent or dishonest act or acts committed by any of the employees under the control of the board, acting alone or in collusion with others.
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