(a) Supervision: The operation of and the conduct of raffles shall be under the supervision of a single raffles manager designated by the organization.
(b) Amount Of Bond: The raffles manager shall give a fidelity bond in the sum of the total value of the prizes to be awarded in the raffle. Such bond must be issued by a responsible insurance company or financial institution duly authorized to do business in Illinois, and shall be in effect from the commencement of sales of chance within the village until at least thirty (30) days after the raffle is conducted. In the case of raffles involving prizes with a value of less than five hundred dollars ($500.00), a fidelity bond may be provided with a personal surety.
(c) Cancellation: Terms of the bond shall provide that notice shall be given in writing to the village manager not less than thirty (30) days prior to its cancellation.
(d) Waiver Of Requirement: A waiver of this bond requirement may be included in the license issued to any organization under this article as follows, if requested by a unanimous vote of the members of the licensed organization:
(1) This bond requirement may be waived by the village manager for any Deerfield nonprofit organization.
(2) The board of trustees may waive this bond requirement for any licensee. (Ord. 0-11-10, 3-21-2011)