When Council declares, by resolution, that an officer shall give a new bond, written notice shall be served by its Clerk upon the officer designated, and a copy of the notice, with a statement of the time and place of service, shall be recorded in the proceedings of Council.
If the officer fails to give such new bond, with sureties, to the satisfaction of the Mayor, within ten days after such service, Council shall declare the office vacant, and the vacancy shall be filled in the manner provided in Section 220.06.
When the new bond is accepted or Council declares the office vacant, the sureties in the original bond shall cease to be liable for the acts of such officer done thereafter, but shall continue to be liable for his or her acts then already done.
(ORC 731.50)