If the Finance Director grants the permit, he shall thereafter issue the permit only after the applicant has paid the permit fee and has posted with the City Clerk a good and sufficient surety bond in the principal amount of $15,000 executed as surety by a corporate surety in the state and as a principal by the applicant. The form of the bond shall have been approved by the City Attorney and shall have been given to insure good faith and fair dealing on the part of the applicant and as a guarantee of indemnity for any and all loss, damage, theft or other unfair dealings suffered by any patron or customer of the applicant within the city during the term of the permit. The permit fee and term of bond shall be prorated between date of issuance and date of expiration.
('61 Code, § 15C.10) (Ord. 935, passed - - ; Am. Ord. 967, passed - - )