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the duties of his or her respective office or employment, give a corporate surety bond to <br />the city as security for the faithful performance of his or her official duties and the <br />safekeeping of the public funds. Such bonds shall be in such form and amount as the <br />council determines and may be either individual or blanket bonds in the discretion of the <br />council. They sha11 be approved by the city council and filed with the city clerk. The <br />provisions of state laws relating to official bonds not inconsistent with this charter shall <br />be complied with. The premiums on such bonds shall be paid by the city. <br />Section 12.04. Official interest in contracts. <br />Except as otherwise permitted by law, no officcr of the city who is authorized to <br />take part in any manner in any contract with the ciiy shall voluntarily have a personal <br />financial interest in or personally benefit from such contract. <br />Section 12.05. Sale of real property. <br />No real property of the city shall be disposed of except by ordinance. The net <br />cash proceeds of any sale of the property shall be used to retire any outstanding <br />indebtedness incurred by ihe city in the acquisition or improvement of the property. Any <br />remaining net �roceeds shall be used to finance other improvements in the capital <br />improvement budget or to retire any other bonded indebfiedness. <br />092000.doc 36 <br />