(1) No surety bond required for the protection of the City shall be approved by the Law Department unless the condition thereof is guaranteed by a surety company duly authorized and licensed to act as surety by the Insurance Commissioner pursuant to the laws of the Commonwealth of Pennsylvania, Act of April 28, 1978, P.L. 202, 40 P.S. § 832 et seq., as amended.

(2) The Law Department may cancel or terminate liability upon any bond given to the City when the conditions of the bond have been performed and complied with or other security approved by the Law Department has been substituted.

(3) The Procurement Department may establish such monitoring procedures and reporting requirements for surety companies as are deemed necessary for the protection of the City.

(4) The Law Department may cancel or terminate liability upon any bond given to the City when the conditions of the bond have been performed and complied with or other security approved by the Law Department has been substituted.[18]