(A) (1) No business license or renewal thereof shall be issued by the City Controller until such time the applicant has presented evidence of current liability insurance; or has made, executed, and delivered to the City Controller, or a bond, with good and sufficient surety, in the sum specified under the business license provisions of this code, payable to the City Controller. The insurance policy or bond shall recite that the principals and sureties agree to indemnify and hold harmless the city against any and all claims and demands made by or against the city arising out of the principal’s practice as a business within the city, or the applicant shall present a signed statement to the Controller indemnifying the city against the same.
(2) Any bond given by any person to the city under the business license provisions of this code or other ordinance of the city shall, before a business license is granted, be examined for approval as to form by the City Controller or Law Department at their discretion.
(3) Except if otherwise specifically required, the City Controller shall investigate the sureties of any business license bond, and if, upon investigation, he or she shall find that the same are good, he or she shall approve such bond; provided that where a surety bond is required or furnished, the surety company must first be authorized to do business in the state.
(B) Insurance policies or bonds shall be resubmitted each year before renewal of the business license is granted.
(C) All bonds, including continuation bonds, submitted shall be stamped and filed with the County Recorder’s office prior to issuance of a business license.
(Ord. 11-0040, passed 1-9-2012; Ord. 12-0002, passed 3-1-2012; Ord. 12-0019, passed 6-15-2012)