(A) Bonds for officers. Every officer shall, if required by the Village Board, before entering upon the duties of his or her office, give a bond in such amount as may be determined by the Village Board and with such sureties as it may approve, conditioned upon the faithful performance of the duties of his or her office or position.
(B) Surety bonds.
(1) 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, or an individual approved as surety by the Village Board, in the absence of specific provision to the contrary by ordinance.
(2) Whenever in its opinion additional sureties or an additional surety may be needed on any bond to indemnify the village against any loss or liability because of the insolvency of the existing surety or sureties or for any other reason, the Village Board may order a new surety or sureties to be secured for such bond
(3) If such new surety or sureties are not procured within ten days from the time such order is transmitted to the principal on the bond, or his or her assignee, the Village Board 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.
(Prior Code, § 1-8-7)