(A) Bond required.
(1) A pawnbroker or secondhand goods dealer license will not be issued unless the applicant files with the City Clerk a bond with corporate surety, cash or a United States government bond in the amount of:
(a) Five thousand dollars for a pawnbroker or secondhand goods dealer not a licensed firearms dealer pursuant to 18 U.S.C. §§ 921 et seq.; or
(b) Twenty thousand dollars for a pawnbroker or secondhand goods dealer who is a licensed firearms dealer pursuant to 18 U.S.C. §§ 921 et seq.
(2) The bond shall be for the purpose of indemnifying the city for all costs incurred in enforcing this chapter.
(B) Forfeiture. The bond shall be conditioned on the licensee obeying the laws and ordinances governing the licensed business and paying all fees, taxes, penalties and other charges associated with the business. The bond shall be forfeited to the city upon violation of law or ordinance, or to indemnify the city in the event that license suspension or revocation proceedings are initiated by the city. The balance of the bond remaining after indemnification of the city, if any, shall be returned to the licensee.
(1978 Code, § 511.07) (Ord. 92-4, passed 2-18-1992)