(a) All bonds for the use, benefit or protection of the City, required to be taken by the statutes of the State, the ordinances of the City and by resolution of the City Council from any person to secure the faithful performance of any contract with the City, or to indemnify the City against loss, damage or liability growing out of any contract with the City, or out of the issuance of any license or permit by the City where a bond is required, shall be signed and executed as surety by some responsible surety company lawfully doing business in the State, and no bond signed and executed by an individual as surety will be accepted in such cases; provided, that nothing in this chapter shall apply to any bond given to the City by any person for the purpose of securing extensions to water mains.
(b) All bonds required of contractors for public improvements shall be signed and executed as surety by some responsible surety company lawfully doing business in the State and maintaining a local agent in the City, through whose agency such bonds must pass before being approved. (Ord. 17226 § 80, 1-27-98. Code 1995 § 2-306.)