The municipal judge shall, at the time of his election and during the holding of his office, be a resident and qualified elector of the city, and before entering upon the discharge of his duties he shall take and subscribe to the same oath provided and prescribed for the city attorney. He shall also give bond to the city in the sum of five thousand dollars to be approved by the city commission, conditioned that he will faithfully and truly account for and turn over to the city treasurer all moneys that may come into his hands by reason of his office, and that he shall in all other respects faithfully discharge the duties of his office. Such bond shall be made by some reliable surety company and paid for by the city. (Prior code § 2-13).