In all instances where, by the provisions of the Charter, or any ordinance or resolution of the City, or by any law, any bond, undertaking, contract of indemnity or insurance is required or provided for or on behalf of the City or any board, department or officer thereof, the same shall be executed by a corporation organized under the laws of the United States or under the laws of any state thereof, and authorized to transact business in the state in accordance with law, and such corporation shall have a general policyholder's rating in accordance with Best's Insurance Guide of "A" or higher; provided, however, the provisions of this section shall not apply in those instances where by law the City is required to obtain insurance or indemnity from the State Compensation Fund or some like governmental entity.
(Ord. 1918, 7-02-51; Ord. 821, 8-09-1921)