Oklahoma City Municipal Code ch. 2, art. IV, div. 3 — BONDS | Oklahoma City Municipal Code (Supp. No. 5, Update 1: codified through Ordinance No. 28070, adopted April 21, 2026) — City of Oklahoma City

Oklahoma City Municipal Code § 2-301 Definition.

§ 2-301. - Definition. As used in this division the word "bond" shall be construed to mean "fidelity bond," "surety bond," "contractor's bond," "performance bond," "maintenance bond," "occupation bond," "statutory bond," and any other type of bond bought by the City or furnished in connection with any contract, employment, or license with or by the City. (Code 1970, § 1-16; Code 1980, § 2-196)

Oklahoma City Municipal Code § 2-302 Risk limits on sureties.

§ 2-302. - Risk limits on sureties. (a) No contract, employment or license by or with the City in which any bond or bonds are required shall be approved unless such bonds meet all the requirements of one of the following paragraphs: (1) If the surety on any such bond be a foreign company, such company must be qualified to do business under the laws of the State and shall be acceptable on Federal bonds as indicated on an official list provided by the United States Treasury Department. (2) If the surety on any such bond be a domestic company chartered under the laws of the State, the liability on any one risk shall not exceed ten percent of the sum of the paid-in capital stock of such company and its net surplus for the benefit of policyholders, as shown on the latest report of such company filed with the Insurance Commissioner of the State. (3) In any case where the amount of the bond exceeds the limits shown in either Paragraph (1) or (2) above, or is not acceptable under Paragraph (1) or (2) above, the bond may be written either as a co-surety bond with each participating company's portion of the risk thereon not exceeding the limits provided for in Paragraph (1) or (2) above, or such bond may be written by one company, in excess of the limits provided in Paragraph (1) or (2) above, provided the excess is reinsured in a company qualified under this division, provided the amount of reinsurance for such reinsuring company shall not exceed the limits provided for in Paragraph (1) or (2) above, and provided further, that the reinsuring company executes and delivers to the City a written agreement acceptable to the City where such reinsuring company or companies shall become bound to indemnify the City direct for its liability under such bond in the event the original surety on the bond or the principal thereon fails to meet the obligations of such bond. (b) In any case in which a bond is required and which involves a type of risk not written by surety companies acceptable on Federal bonds as indicated on an official list provided by the United States Treasury Department, the Council may accept or reject any bond submitted to cover such risk. (Code 1970, § 1-17; Code 1980, § 2-197)

Oklahoma City Municipal Code § 2-303 Naming of underwriting agent.

§ 2-303. - Naming of underwriting agent. Every bond provided for herein shall have the name of the agent or agents who obtained the application for such bond and received the commission thereon. (Code 1970, § 1-18; Code 1980, § 2-198)