(A) Each application for a license shall be accompanied by a performance bond or collateral to the city in the amount of $l0,000. The bond shall be approved by the City Finance Director and as to form by the City Solicitor.
(B) The bond shall be conditioned upon compliance with the rules and regulations set forth in this subchapter and those rules and regulations promulgated by the City Finance Director and ordinances of the city and laws of the state.
(C) The bond shall indemnify any person for a violation or noncompliance by the licensee with the provisions of this chapter. The bond shall be kept in full force and effect at all times during the license period. The City Finance Director shall be notified immediately in the event of a lapse in coverage of the bond.
(Ord. 34-l983, passed 7-5-83)