(A) Whenever 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 the state as a surety company, in the absence of a specific provision to the contrary by ordinance.
(B) Whenever, in its opinion, additional sureties or an additional surety may be needed on any bond to indemnify the village against loss or liability because of the insolvency of the existing surety or for any reason, the Village Board of Trustees may order a new surety to be secured for the bond. If a new surety is not procured within ten days from the time the order is transmitted to the principal on the bond or the principal’s assignee, the Board shall declare the bond void and the principal or assignee shall be deemed to have surrendered the privilege or position as condition of which the bond was required.
(Prior Code, § 35.008)