Security may be provided either by personal or corporate surety. If security is provided by a corporate surety, only one surety shall be required and any company duly authorized to do surety business in the state shall be sufficient. A personal surety may be any elector residing within the city owning property having a value at least equal to the face amount of the bond. If a bond is executed by a surety or sureties as provided for in this section, the requirement as to the approval of the corporate authorities as to the security of the bond shall have been deemed satisfied.
(Ord. 97-02, passed 5-27-97)