In case of the insolvency of any surety or insurer which has issued an official bond or policy of crime or theft insurance during the incumbency of any elected or appointed officer, such elected or appointed officer shall immediately execute, deliver, and file a new bond or proof of insurance. In the event an elected or appointed officer fails to do so within ten (10) days after notice of the need to secure a new bond or policy of insurance, their office shall be deemed to be vacant, and the proper appointing power will proceed to fill said vacancy in manner conformable to law and ordinance. (Ord. 2019-3 §1, amended, 2019; Prior code §9-75)