If in lieu of a bond an applicant assigns to the city savings and loan certificates, the applicant shall agree in writing that if the city manager finds that any person sustains any pecuniary loss through any act of grand or petty theft or other wrongful act on the part of the principal, or his or her agent(s) or employee(s), the city may redeem a sufficient number of such certificates and from the proceeds reimburse such person for the loss sustained.
(Ord. 790 § 16 (part), 1999)