(a) The surety or insurer of the bond shall be a duly organized corporate surety insurance company authorized to do surety business in the State in the manner provided by law.
(b) The condition of the bonds shall be that each of the officers referred to in Section 16.122(a) of this Code shall faithfully and truly perform each and all duties required of that officer by law at the time the bonds are executed, and also all such additional duties as may be imposed upon or required by any existing law or laws enacted subsequently to the execution of the bond. The bonds shall be in force and obligatory upon the surety or insurer for any and all breaches of the conditions thereof.
(c) The premium charged for the bonds shall be paid by the City and County. The money required to pay the premium on the bonds shall be provided in accordance with the budget and fiscal provisions of the Charter of the City and County.
(Added by Ord. 69-00, File No. 000356, App. 4/28/2000)