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(A) Before any such license is issued, the applicant therefor shall furnish, if required by Council resolution and/or policy, a corporate surety bond in an amount established from time to time by resolution of the City Council upon recommendation of the City Manager with sufficient surety to be approved by the City Clerk, which bond shall be conditioned upon the faithful observance of all laws of the state and provisions of this code during the license term. Any person aggrieved by any action or conduct of any such licensee, including any and all damages caused to person or property, shall have a right of action on the bond for the recovery of damages or to enforce any lawful right. Such bond shall remain in full force and effect for a period of 90 days after the expiration or cancellation of any such license or after the termination of any action upon such bond.
(B) Every applicant, not a resident of the city, or who being a resident of the city represents a firm whose principal place of business is located outside the State of Michigan, shall, if required by Council resolution and/or policy, file with the City Clerk a surety bond running to the city in an amount established from time to time by resolution of the City Council upon recommendation of City Manager with surety acceptable to and approved by the City Clerk, conditioned that the applicant shall comply fully with all the provisions of the City Code and the statutes of the State of Michigan regulating and concerning the licensed business and guaranteeing to any citizen of the city that all money paid will be accounted for and applied according to the representations of the licensee and further guaranteeing to any citizen of the city doing business with the licensee, that the property purchased will be delivered according to the representations of the licensee. Action on such bond may be brought in the name of the city or by the aggrieved person or entity to the use or benefit of the aggrieved person or entity.
(Ord. passed 7-28-98) Penalty, see § 110.99