A bond in the sum of not less than $5,000.00 cash or a surety bond through a solvent surety company authorized to do business in the state executed by the applicant for a permit or his authorized representative, conditioned that the principal and surety shall pay all damages to any person caused by or arising out of the wrongful, fraudulent, or illegal conduct of the applicant or his agents or employees while conducting business as defined by this chapter, shall be required prior to the issuance of any permit hereunder. Said bond shall remain in full force and effect during the permit period. Failure to maintain a sufficient bond shall be grounds for the revocation or suspension of any permit.
(Ord. No. 1389, Art. 1, 2-26-81)