Section 3-311. Accounts of city collector and his or her deputies to be examined

Whenever the city collector  or  any  deputy  collector  shall  cease  to  hold  office, and within one year thereafter, it shall be the
  duty of the comptroller to examine the accounts of such  city  collector
  or  deputy,  and if found correct, to cause a certificate to that effect
  to be filed with the bond of such officer.  Such  certificate  so  filed
  shall  be  a  full  discharge and satisfaction of the conditions of such
  bond and the lien or liens thereby created. If at any  time  during  the
  city  collector's  continuance  in office the city collector or a deputy
  collector shall execute and file with the comptroller a new bond in  the
  same form and penalty, and for the same period, and approved as provided
  in  section  11-115 of the code, it shall be the duty of the comptroller
  forthwith to cause a certificate to that effect to  be  filed  with  the
  bond  or  bonds  previously  filed  by such officer. Such certificate so
  filed shall be the full discharge and satisfaction of the  condition  of
  such  prior  bond or bonds and of the lien or liens thereby created. The
  comptroller may settle and adjust all claims in favor of or against  the
  city,  the  surety  or  the  principal  in such bond, arising out of the
  execution of such bonds and in his or her discretion  may  release  from
  the  lien  created  by  such  bonds any piece or parcel of land affected
  thereby.