[Adopted 1978 by Ord. No. 507 (Ch. 3.08 of the 1979 Code)]
Whenever a surety bond to indemnify the City is required as a prerequisite to exercising the duties of any office or position, or to the issuance of a license or permit or for the exercise of any special privilege, the surety on such bond shall be a corporation licensed and authorized to do business in this state as a surety company, or an individual approved as surety by the Council, in the absence of a specific provision to the contrary by ordinance.
Whenever in its opinion additional sureties or an additional surety may be needed on any bond to indemnify the City against any loss or liability because of the insolvency of the existing surety or sureties or for any other reason, the Council may order a new surety or sureties to be secured for such bond. If such new surety or sureties are not procured within 10 days from the time such order is transmitted to the principal on the bond, or his assigns, the Council shall declare the bond to be void, and thereupon such principal, or assignee, shall be deemed to have surrendered the privilege or position as condition of which the bond was required.
The City shall pay the cost of any official bond furnished by any officer of the City.