(A) All persons engaged in business as described in § 115.01 shall post a bond with the Clerk Treasurer, in the amount of one thousand dollars ($1,000.00) either with a surety company licensed to do business in the Commonwealth of Kentucky, or in cash.
(B) The bond required in this chapter shall be for a term of one year following the cessation of doing business in precious metals. Such a bond shall inure to the benefit of the city, or to any person who shall be injured or sustain damages approximately caused by the failure to comply with the terms of this chapter by any person engaged in business as described in § 115.01 hereof.
(Ord. passed 4-20-81)