A. Bond:
1. Bond Amount: Every person desiring a license shall execute a penal bond in form with security to the village, conditioned upon the faithful observance of the provisions of the laws of the United States, the laws of the state of Illinois and of this chapter. Such bond shall be in the sum of one thousand dollars ($1,000.00) and shall, on approval of the mayor, be filed in the office of the village clerk.
2. Securities On Bonds:
a. No person holding a license for the sale of alcoholic liquor under this chapter shall be acceptable as a surety for another person holding or requesting a license to engage in the sale of alcoholic liquors, nor shall the holder of any license for the sale of alcoholic liquors be permitted to sign any bond for bail for any other person requesting or offering bail under any complaint for the violation of any provisions of this chapter or of the laws of the United States or of the state of Illinois.
b. All sureties on such bonds must be property owners within the corporate limits of the village or a duly organized and responsible surety company authorized to do business in the state of Illinois and shall satisfactorily show that they are financially responsible for the amount set forth in said bond or bonds. The financial responsibility of such sureties shall be investigated and either approved or disapproved by the mayor.
B. Insurance: No license shall be issued hereunder unless the applicant shall file with the application a certificate by an insurance company authorized to do business in the state of Illinois, certifying that the applicant has in force and effect the insurance required by statute. (Ord. 87-1, 4-7-1987, eff. 4-7-1987)