All persons who contract with a city of the metropolitan class for work to be done, or material or supplies to be furnished, shall give bond to the city, with not less than two sureties in an amount not less than fifty percent of the amount of the contract price, for the faithful performance of such work. The sureties on the bonds shall be resident property owners of the county within which the city is located and shall certify under oath that they are worth double the amount for which they may sign the bond, over and above all debts, liabilities, obligations, and exemptions. The city council may also accept security from one or more reliable sureties or guaranty companies for the same amount.
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