(a) It is the policy of the City of Los Angeles to require adequate corporate bonds, except where a law or ordinance requires the acceptance of personal surety. If any such bond or contract of indemnity has been executed by personal sureties, its acceptance being so required, the Risk Manager must administer an oath to such personal sureties who shall answer questions relating to and make a satisfactory showing of their ability to respond financially in the amount of such bond. Each such personal surety shall disclose the amount of which he has become obligated on all other surety bonds, and all other claims against him, legal or otherwise.
(b) Upon acceptance by the City all personal bonds shall be acknowledged and recorded by the department which accepted the same with the County Recorder of Los Angeles County.
SECTION HISTORY
Based on Ord. No. 84,480.
Amended by: Ord. No. 84,959; Subsecs. (e) and (f), Ord. No. 131,771, Subsec. (a) Ord. No. 139,315, Eff. 11-29-69; Subsecs. (e) and (f) repealed, Ord. No. 151,330, Eff. 9-25-78; Ord. No. 176,740, Eff. 7-25-05.