No license shall be issued unless and until the applicant has filed with the Director of Finance a bond of one thousand dollars ($1,000.00) to be approved by the Director of Law as to form and surety, which bond shall be conditioned upon the faithful observance of the provisions of the ordinances of the City and laws of the State relating to the business of ticket broker or applicable thereto. Such bond shall contain a further provision that the applicant will pay all final judgments recovered against him or her by reason of any damage sustained on account of the violation of such ordinances or laws or because of any misrepresentation or deception which may have been practiced on the person securing such judgment by the licensee for or on account of the business so licensed. The bond shall further provide for continuing liability thereunder to the full amount thereof, notwithstanding any recovery thereon, and that the surety shall be obliged to give ten (10) days’ notice in writing to the Commissioner of Assessments and Licenses before cancellation.
(Ord. No. 1290-A-43. Passed 10-22-45)