In lieu of the policy of insurance herein provided for, the applicant may furnish a bond executed by a surety company authorized to do business in the state, or by one or more personal sureties approved as to sufficiency by the City Auditor and as to form and legality by the Law Director, holding and binding the principal and sureties to the same liability and in accordance with the same terms as in the case of policies of insurance provided for hereunder. It shall further be permissible for the applicant to furnish insurance as to damage for personal injuries, including death, and an indemnity bond as to property damages, or vice versa. All such personal sureties must be residents of the county, and, if only one such surety is given, such surety must be the owner of real estate located in the county which is liable to execution in a sum, in excess of all encumbrances that is double the highest sum and also double the total of all sums so secured by each such surety under this chapter. When two or more personal sureties are offered, they must have in the aggregate the qualifications prescribed in this section. Such personal sureties must present evidences of title and value to the City Auditor showing such qualifications in each instance.
(`63 Code, § 745.09) (Ord. 31-62, passed 6-18-62)