A. Bond: Each applicant desiring a license under this chapter, except those applying for a twenty four (24) hour beer license, shall execute a penal bond payable to the village in the penal sum of one thousand dollars ($1,000.00). This bond shall be conditioned upon the faithful compliance with and performance of all of the provisions of the laws of the state relating to the sale of alcoholic liquor and with all of the provisions of the ordinances of the village regulating the sale of alcoholic liquor, and shall be subject to the approval of the president of the board. Upon approval thereof, the bond shall be filed with the village clerk. A breach of any of the conditions of the bond shall work a forfeiture of the penalty thereof, which amount shall be recoverable in an action of debt. Said bond shall further be conditioned for the payment of all fines, costs, penalties and forfeitures assessed against said licensee during the continuance of the license under the terms of this chapter and any and all other ordinances pertaining to the sale of alcoholic liquor now in force or hereafter adopted, on account of any act done in violation thereof during the term for which the license is granted. Nevertheless, any person who has become a surety upon a bond herein required may release himself from such liability in the following manner: Such surety, at least ten (10) days before a regular meeting of the village board, shall give notice in writing over his signature to the village clerk of his intention to withdraw himself as a result from such bond. The village clerk shall forthwith notify the principal on said bond who shall thereafter file with the president of the board a new bond with sureties to be approved by the president of the board as hereinabove provided. If no new bond, with sufficient sureties, approved by the president of the village board, has been filed by the licensee within ten (10) days after notification from the clerk of the withdrawal of the former surety, the license heretofore granted to said licensee shall be revoked by the president of the village. No surety shall be released from any liability on a bond arising prior to the giving of a new bond or the revocation of any license.
B. Insurance: No license shall be granted to any applicant until such applicant shall furnish evidence satisfactory to the liquor control commissioner that such applicant is covered by a policy of dramshop insurance issued by a responsible insurance company authorized and licensed to do business in the state insuring such applicant against liability which such applicant may incur under the provision of 235 Illinois Compiled Statutes 5/6-21. (Ord. 459, 12-21-1977)