No such license shall be issued to any person:
A. Who is not a resident of the Village.
B. Who does not own the premises for which a license is sought or does not have a valid lease thereon for the full period for which the license is to be issued.
C. Who is not of good character and reputation in this community.
D. Who is in any manner disqualified from obtaining a State retail liquor dealer's license under the laws of this State now in force relating to alcoholic liquors or the nature of whose business or proposed business is such, in the opinion of the Liquor Control Committee, that sale of liquor in connection therewith will not be for the public good and convenience.
E. Who has failed to file with the application therefor, a policy of insurance or satisfactory evidence that such policy of insurance has been purchased and that the premium has been prepaid, insuring the applicant for liability for: (1987 Code § 3-6-3-3)
1. Injury to one person: Five hundred thousand dollars ($500,000.00).
2. Injury to property: Fifteen thousand dollars ($15,000.00).
3. Recovery for means of support arising from death or injury to any one person: Five hundred thousand dollars ($500,000.00).
4. Injury to person, property or loss of support in any one occurrence: One million dollars ($1,000,000.00). (1987 Code § 3-6-3-3; amd. 2018 Code)
Said insurance policy shall list the Village as an additional party to receive notice of cancellation of said policy. (1987 Code § 3-6-3-3)