A. The director of finance shall be responsible for procuring surety bonds for any officer or employee for which said bonds are required by statute or ordinance or by direction of the Mayor and board of trustees.
B. Whenever a surety bond to indemnify the village is required as a prerequisite to exercising the duties of any office or position or to the issuance of a license or permit or for the exercise of any special privilege, the surety on such bond shall be a corporation licensed and authorized to do business in this state as a surety company, in the absence of specific ordinance provision to the contrary.
C. Whenever, in their opinion, additional sureties or an additional surety may be needed on any bond to indemnify the village against loss or liability because of the insolvency of the existing surety or sureties or for any other reason, the Mayor and board of trustees may order a new surety or sureties to be secured for such bond. If such new surety or sureties are not procured within ten (10) days from the time such order is transmitted to the principal of the bond or his assignee, the Mayor and board of trustees shall declare the bond to be void, and thereupon, such principal or assignee shall be deemed to have surrendered the privilege or position as condition of which the bond was required.
(1961 Code § 9.605; amd. 1992 Code)