(A) 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 the bond shall be a corporation licensed and authorized to do business in the state as a surety company in the absence of specific provision to the contrary; provided, however, the Council may, if it sees fit, accept two personal sureties if each surety has real estate in the county for at least twice the amount of the bond after having first deducted all homestead and other exemptions and all liens, mortgages and other encumbrances. A declaration of assets for personal sureties shall be under oath and shall be renewed each two years.
(B) Whenever in its opinion additional sureties or an additional surety may be needed on any bond to indemnify the city against loss or liability because of the insolvency of the existing surety or sureties or for any other reason, the Council may order a new surety or sureties to be secured for the bond. If a new surety or sureties are not procured within ten days from the time the order is transmitted to the principal in the bond, or his or her assignee, the Council shall declare the bond to be void and thereupon the principal, or assigned, shall be deemed to have surrendered the privilege or position as a condition of which the bond was required.
(1980 Code, § 13.906)