A. Whenever a surety bond to indemnify the Village is required, the surety on such bond shall be a corporation licensed and authorized to do business in this State as a surety company.
B. Whenever in its 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 Board 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 other is transmitted to the principal of the bond, or his assignee, the 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 a condition of which the bond was required. (1975 Code § 1.07)