Rules for who can guarantee a bond

A. If the surety or sureties on the bond shall be other than a surety company authorized to do business under the laws of this state, there shall be not more than four such sureties who shall severally justify such amounts as, taken together, will aggregate the full amount of the bond; provided, that in the case of such sureties, they shall deposit with the director of finance certified checks or certificates of deposit (payable on demand on or after such period as the director may stipulate) or bonds, stocks or other negotiable securities, or execute and deliver to such officer a deed or deeds of trust of real property, all of such character as shall be satisfactory to the director of finance, in security equal to the full cash value of one hundred percent of the amount for which each surety shall have justified. The director of finance may waive the necessity of furnishing such security, in cases where he is satisfied as to the financial responsibility of the proposed surety or sureties; provided, that if there is but one personal surety, such surety shall justify the full amount of the bond. B. A surety company authorized to do business under the laws of the state shall be required as surety on the bond whenever, in the discretion of the director of finance, other proposed surety or sureties will not be adequate to fully protect the interests of the parties. (Ord. 1069 § 1 (part), 1980: prior code § 5-9.4(k))