Sec. 104.105. - Renewal; continuance of liability.

The Mayor shall cause the bonds required by this Part to be renewed every four years after their dates but he may require the bonds to be renewed more often if he deems this action necessary. The liability of the principal and surety on all fidelity bonds shall continue and cover the period of service ensuing until the appointment and qualification of the successor of the principal. The payment and acceptance of the annual premium on corporate surety bonds shall be a compliance with the requirement for the renewal of the bonds. (Ord. 83-591-400, § 1)