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(A) Whenever, in its opinion, additional sureties or an additional surety may be needed on any bond given to indemnify the city against loss or liability, because of the insolvency of the existing surety or sureties, or for any other reason, the City Council may order a new surety or sureties to be secured for such bond. 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, the Council shall declare the bond to be void, and thereupon such principal shall be deemed to have surrendered the privilege or position as a condition of which the bond was required.
(B) Whenever a surety bond to indemnify the city is required as a prerequisite to exercising the duties of any office or position, or to the issuance of a license or permit, or 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 provision to the contrary by law or ordinance, and all sureties, corporate or private, shall be approved by the Council before a bond shall be accepted.
(Prior Code, § 2-71)