[Adopted as Ch. 1, § 1-14 of the 1973 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 the exercise of any special privilege, the surety on such bond shall be a corporation licensed and authorized to do business in the state as a surety company, in the absence of a specific provision to the contrary by the provisions of this Code or City ordinance.
Whenever in its opinion additional sureties may be needed on any bond to indemnify the City against loss or liability, because of the insolvency of the existing surety or for any other reason, the City Council may order a new surety to be secured for such bond. If such new surety is not procured within 10 days from the time such order is transmitted to the principal on the bond, or his assignee, the City 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 a condition of which the bond was required.