(A) Generally. When a surety bond to indemnify the Village is required as a prerequisite to exercising the duties of any office or position, or to the issuance of a license or permit or for the exercise of any special privilege, the surety on the bond shall be a corporation licensed and authorized to do business in this state as a surety company, in the absence of specific provision to the contrary by ordinance.
('73 Code, § 2-5)
(B) Additional sureties. When, in its opinion, additional sureties may be needed on any bond to indemnify the Village against loss or liability because of the insolvency of the existing sureties or for any other reason, the Village may order new sureties to be secured for the bond. If these new sureties are not procured within ten days from the time the order is transmitted to the principal of the bond or his assignee, the Board of Trustees shall declare the bond void and thereupon the principal or assignee shall be deemed to have surrendered the privilege or position as a condition of which the bond was required.
('73 Code, § 2-5)
(C) Amount determined by Board. Every officer and employee, if required by the Board of Trustees upon entering upon the duties of office, shall give a bond in the amount and with sureties as may be determined by the Board, conditioned upon the faithful performance of the duties of the office or position.
('73 Code, § 2-33)