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Unless a blanket bond or other equivalent coverage is provided by the Town, prior to taking office, the Mayor and every Councilmember shall execute and file an official bond, enforceable against the principal and his sureties, conditioned on the due and faithful performance of his official duties, payable to the state and to and for the use and benefit of the Town or any person who may be injured or aggrieved by the wrongful act or default of such officer in his official capacity. Bonds shall be in such sum as set forth in ARIZ. REV. STAT. §38-251, et seq., as amended, and the premium for such bonds shall be paid by the Town. (12-08, Amended, 12/20/2012)