§ 2-61. Surety company bonds required.

(a)

All bonds for the use, benefits or protection of the city, required to be taken by the statutes of the state and by the ordinances of the city and by resolution of the governing body of the city 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. No bond signed and executed by an individual as surety shall be accepted and approved by the city manager in such cases.

(b)

All bonds required for the use, benefit or protection of the city as set forth in subsection (a), 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 by the city manager.

(Code 1973, § 1-408)