Whenever any bond, recognizance or other obligation is by law, ordinance, rule or regulation of the City required or permitted to be tendered or filed, with sureties, and whenever the performance of any act or obligation, or the refraining from any act, is required or permitted to be guaranteed, such bond, undertaking, obligation, recognizance or guarantee may be executed either by a guaranty or surety company qualified to act as surety or guarantor under the laws of the state or by two or more individuals, who shall be qualified as provided in this article.
In case any bond, recognizance or other obligation of the character mentioned in section 2-61 shall be executed on behalf of the party named therein as principal by two or more individuals as sureties, such sureties shall be resident property holders of the City and shall justify upon oath to an amount of property equal to twice the value of the amount of the bond, recognizance or other obligation executed by them, exclusive of the amount of their debts, exemptions and other liabilities.
All bonds as referred to in this article shall be of a form to be approved by the City attorney and the City council.
Each City officer or clerk of the City having custody of money belonging to the City shall, before entering upon the performance of his respective duties, be required to furnish a bond in the amount prescribed in this article for such office, which bond shall be conditioned upon: (a) The faithful performance by such officer or clerk of all the duties of his office as prescribed by law; (b) the safekeeping of all money which may come into his hands by virtue of his office; (c) the prompt payment thereof to those legally authorized to receive the same in the manner provided by law; and (d) the delivery by him to his successor in office of all money then held by him as such officer. Each of the officers and his bondsmen and sureties, respectively, shall be responsible for the safekeeping and paying over according to law of all funds which shall come into his hands by virtue of his office.
When the bond of any officer of the City having custody of public money shall be furnished by a guaranty or surety company, the premium due such company for furnishing such bond shall be paid out of the public funds of the City.
[Amended by Ord. No. 83-7]
A. 
The bonds of the various City officers, deputies and clerks having custody of public money of the City shall be in the following amounts:
City clerk
$10,000.00
City treasurer
$10,000.00
Chief of police
$5,000.00
Police justice
$2,500.00
B. 
When approved, the bonds of all City officers and employees shall be filed with the City clerk.
C. 
The City council may, by amendments to this section, increase or lower the amount of such bonds and may also require similar bonds to be furnished by any other City officers or employees having custody of City funds.