At the time of filing an application for a license, the applicant shall file a bond in the amount of $5,000 with the Clerk-Administrator. The bond, with a duly licensed surety company as surety thereon, must be approved as to form by the City Attorney. Said bond must be conditioned that the licensee shall observe the ordinances and code provisions of the city in relation to the business of pawnbroker and precious metal dealer, and that the licensee will account for and deliver to any person legally entitled thereto any articles which may have come into the possession of the licensee as pawnbroker or precious metal dealer, or in lieu thereof such licensee shall pay the person or persons the reasonable value thereof.
(Prior Code, § 112.19) (Ord. 583, passed 11-6-1996)