2-152-200 Term of bonds – Continuing liability.

   All bonds of officers and employees shall be continuing in effect so long as the officers and employees named therein shall continue in office and until payment is made by such officers and employees of all monies received by them; provided that liability under any such bond may be terminated in respect of any official act which shall be taken or occur after 30 days' written notice to the assured of the termination or cancellation of such bond by the surety or sureties. In case of termination or cancellation of any bond by any surety during the continuance in office or employment of any officer or employee, such officer or employee shall execute a new bond in the same manner, of the same character, and with the same conditions and penalties as are required by the foregoing sections of this chapter relating to bonding regulations.

(Prior code § 25-16)

2-152-210 Costs of obtaining bonds.

   The cost of obtaining all bonds of officers or employees payable to the city shall be paid out of the funds of the city. In the case of officers and employees whose salaries are paid from the general corporate fund, the cost of obtaining bonds for such officers and employees shall be paid out of said general corporate fund. In the case of officers and employees whose salaries are paid out of any special or separate fund, the cost of obtaining bonds for such officers or employees shall be paid out of the special or separate fund from which their salaries are paid. In the case of officers or employees serving without compensation, the cost of obtaining bonds for such officers or employees shall be paid out of the fund being administered by such officers or employees.

(Prior code § 25-17)

2-152-220 Bond approval and certification conditions.

   No bond of an officer or employee payable to the city shall be approved until the corporation counsel shall have certified thereon that such bond is properly executed as to form, and the comptroller shall have certified thereon that the sureties on such bond are of sufficient financial responsibility for the amount of the penalty of such bond.

   The comptroller shall examine the sureties on such bond touching their sufficiency, and require such examinations to be reduced to writing and signed and sworn to by such sureties.

(Prior code § 25-18)

2-152-230 Acknowledgment.

   The execution of any bond of an officer or employee shall be acknowledged before some person authorized to take the acknowledgment of deeds, and a certification of such acknowledgment shall be made thereon.

(Prior code § 25-19)

2-152-240 Endorsement and filing.

   After the approval of the bond of any officer or employee as required, the date of approval shall be endorsed thereon and the same shall be filed with the city clerk if an official bond, except that the bond of the city clerk shall be filed with the treasurer, and if the bond is that of a subordinate official payable to the city it shall be filed with the city comptroller, otherwise with the officer to whom such bond is payable.

(Prior code § 25-20)

2-152-250 Surety requirements.

   The bond of any officer or employee shall be executed with two or more sureties; provided, that where an accredited surety company executes any such bond only one surety shall be required, but no surety company shall be accepted as the sole surety on any bond, the penalty of which exceeds ten percent of the capital and surplus of the surety. In all cases the bond shall be executed in such a way and by such number of surety companies as will keep the total liability of each of the sureties within ten percent of the capital and surplus of each of such sureties.

(Prior code § 25-21)

2-152-260 Justification by sureties.

   All sureties executing bonds of city officers or employees shall justify separately on the back of the bond, under oath, that they are respectively worth the sums stated in such justifications over and above all debts and liabilities by them owing or incurred or for which their property is liable or encumbered at the time of justification, over and above all exemptions by law of their property from execution. The sums stated in such justifications shall in the aggregate equal the amount of such bond. Where any such bond is executed by a surety company, such justification shall be in the form of an affidavit of one of its officers or duly accredited agent showing that the surety company is worth a sum in excess of the penalty of the bond over and above all debts, liabilities and exemptions.

(Prior code § 25-22)

ARTICLE III. REPORTS, RULES AND RECORDS (2-152-270 et seq.)