The official bond of the metropolitan trustee shall be executed by a surety company
authorized to transact business in Tennessee. The minimum amount of bond shall be
fixed by ordinance, however it shall be at least equal to the minimum set forth in
Tennessee Code Annotated, section 8-11-103, for county trustees.
It shall be the duty of the mayor to examine into the solvency of the trustee's bond
and if the bond be found to be insufficient, as provided by law it shall be the duty
of the mayor to notify him or her of the fact and to require him or her to give new
or additional security in such sum as may be fixed upon by the council on the recommendation
of the mayor. If the required bond or security be not given within one (1) month,
it shall be the duty of the council, and it shall have the power, to declare the office
vacant.
(Res. No. 88-526, § 9, 10-4-88; amended by referendum election of November 6, 2018,
Amdt. 6)
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