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In lieu of the policies of insurance or surety company bonds, any licensee may deposit with the Clerk-Treasurer the sum of $50,000 in cash, bonds or securities issued by the United States, which deposit shall be for the purpose of securing a payment of any final judgments obtained by any person against such licensee and shall be subject to the same conditions as are required in policies of insurance or surety company bonds set forth in §§ 113.05 and 113.06. However, any interest earned by such cash deposit, bonds or securities shall be paid to the licensee making such deposit, and in the event of the election of any licensee to make such deposit of cash or United States securities as herein provided, the principal amount thereof shall at all times be maintained in the sum of not less than $50,000.
(1989 Code, § 113.07) (Ord. 5-1966, passed 11-21-1966)