[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.
