Whenever a 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, unless there
is specific provision to the contrary in this Code, or the board of trustees by majority
vote accepts a personal surety. Whenever in its opinion additional sureties or an
additional surety may be needed on any bond to indemnify the village against any loss
or liability because of the insolvency of the existing surety or for any other reason,
the board of trustees may order a new surety to be secured for the bond. If the new
surety is not procured within ten days from the time the order is transmitted to the
principal on the bond, or his assignees, the board of trustees shall declare the bond
to be void and thereupon such principal or assignee shall be deemed to have surrendered
the privilege or position as condition of which the bond was required.
(Code 1974, § 2-5)
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