Section 7-108. Bond or other security on behalf of city; by whom executed

In
  all actions or proceedings, in either the state or United States courts,
  in  which  the  city  or  any  department  thereof  shall be a party, an
  undertaking, bond, security, or stipulation which  is  required  of  the
  city  as a condition to the obtaining of any legal remedy or process, or
  to the perfecting of an appeal or the stay of execution or other writ in
  the nature thereof, may be  executed  on  behalf  of  the  city  by  the
  comptroller,  upon  the advice of the corporation counsel that it should
  be executed, and in such form or manner as he  or  she  may  approve  or
  advise.