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Official bonds of the city shall be in form, joint and several, and shall be made payable to the city in the penalty as the City Council may set by resolution; provided, the penalty amount on any bond shall not fall below the legal minimum, when one has been set by the state, for each particular official. All official bonds of the city officials shall be executed by the principal named in the bonds and by at least two sufficient sureties who shall be freeholders of the county, or by the official as principal and by a guaranty, surety, fidelity, or bonding company; provided no city official, while still in his or her official term of office, shall be accepted as surety on any other official's bond, contractor's bond, license bond, or appeal bond under any circumstances. Only companies that are legally authorized to transact business in the state shall be eligible for suretyship on the bond of an official of the city. All the bonds shall obligate the principal, and sureties for the faithful discharge of all duties required by law of the principal, and shall inure to the benefit of the city and any persons who may be injured by a breach of the conditions of the bonds. No bond shall be deemed to be given or complete until the approval of the City Council, and all sureties are endorsed in writing on the instrument by the Mayor and City Clerk/Treasurer pursuant to the approval of the City Council. The premium on any official bond required to be given may be paid out of the General Fund, or other proper city fund, upon a resolution to that effect by the City Council at the beginning of any city year. All official bonds, meeting the conditions herein, shall be filed with the City Clerk/Treasurer for his or her official records, and it shall be the duty of the City Clerk/Treasurer to furnish a certified copy of any bond so filed upon the payment of a fee which shall be set by resolution of the City Council. In the event that the sureties on the official bond of any officer of the city, in the opinion of the City Council, become insufficient, the City Council may, by resolution, fix a reasonable time within which the officer may give a new bond or additional sureties as directed. In the event that the officer should fail, refuse, or neglect to give a new bond, or additional sureties to the satisfaction, and approval of the City Council then the office shall, by the failure, refusal, or neglect, become vacant, and it shall be the duty of the City Council to appoint a competent, and qualified person to fill the office. Any official who is reelected to office shall be required to file a new bond after each election.
(Neb. RS 11-103 through 11-118 and 17-604) (1973 Code, § 1-301)