(A) The bond of each officer shall be executed to the city, with a surety conditioned for the faithful performance of the duties of his office and the payment to the proper officers of all money coming into his hands by virtue of his office. The sums stated in such justification on the bond of any officer, shall, in the aggregate, amount to the penalty of such bond.
(B) Any surety company licensed to carry on business in Illinois may be accepted by the Mayor and the City Council as surety on such bonds. Individual sureties will not be accepted.
(C) After the approval of the bond by the Mayor and the City Council, the Clerk shall endorse thereon the date of its approval and file the same.
(‘58 Code, § 2-I-2)