(A) The Mayor and each Commissioner shall give a bond in the sum as may be determined by the City Council, but the bond shall not be less than $3,000, and shall be approved by the circuit court in and for the county.
(B) The City Treasurer shall give bond in the sum as may be required by the City Council with the surety as the City Council may approve, but the bond shall not be less than the amount required by state law.
(C) The City Clerk shall give bond in the sum as may be required by the City Council with the surety as the City Council may approve, but the bond shall not be less than the amount required by state law.
(D) All other officers and employees shall, before entering upon the duties of his or her office, give a bond in the sum as may be required by the City Council, with the surety as the City Council may approve, conditioned upon the faithful performance of the duties of his or her office or position.
(E) Whenever a surety bond to indemnify the city is required as a prerequisite to exercising the duties of any office or position, 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 by this code or other ordinances of the city.
(F) (1) Whenever, in its opinion, additional sureties or an additional surety may be needed on any bond given 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.
(2) If the new surety or sureties are not procured within ten days from the date the order is transmitted to the principal on the bond or his or her assignee, the City Council shall declare the bond to be 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.
(1994 Code, § 31.03)