(A) The permittee shall provide the Security Fund to the city in the form, at the permittee’s election, of cash, a surety bond in a form acceptable to the city or an unconditional letter of credit in a form acceptable to the city.
(B) Any surety bond or letter of credit provided pursuant to this section shall, at a minimum:
(1) Provide that it will not be canceled without prior notice to the city and the permittee;
(2) Not require the consent of the permittee prior to the collection by the city of any amounts covered by it; and
(3) Shall provide a location convenient to the city and within the state at which it can be drawn.
(Prior Code, § 33-10-10)