A. The premiums on all official bonds shall be paid by the borough.

B. All official bonds must be approved by the borough attorney as to form and financial sufficiency and thereafter delivered to the chief fiscal officer for acceptance, filing and safekeeping.

C. Until and unless bonded as required herein, no officer or employee of the borough shall handle any public moneys, materials, supplies and equipment at any time, except employees of bonded officers may do so under their specific direction and control. A single bond covering all employees required to be bonded may be procured.