(A) Prior to commencement of business, license applicants shall file corporate surety bonds with the City Administrator in the minimum penal sum of $1,000, which bond shall be conditioned upon the faithful and honest conduct of business and upon payment by such licensed dealer of damages incurred by any person injured by the negligent, willful, malicious or wrongful acts of the licensee in the conduct of the license business.
(B) The annual license fee shall be $50.
(C) The City Council may from time to time prescribe a different bond amount and adjust the license fee amount upon resolution therefor duly passed and enacted. Such adjustment in bond or fee shall not become effective until the next ensuing license year.
(Prior Code, § 8.39) (Ord. 304, passed 6-7-93) Penalty, see § 111.99