Whenever a bond is required to be given under the terms of this Charter or any resolution, ordinance, rule or regulation of the city council or any board, such bond may be either a bond signed by the principal and the surety or sureties or an undertaking signed by the surety or sureties, and the security on such bond or undertaking shall be executed by two or more persons who are residents of the State of Minnesota, and who shall truly justify in an amount equal to twice the amount of the bond, or it shall be executed by a corporate surety company authorized to do business in the State of Minnesota.