(A) Before the City Clerk shall issue any license under this subchapter, the applicant shall execute an indemnity bond in the amount of $500 to the city for the use and benefit of the patrons of said person who are residents of the city. The bond shall have as surety either a regularly licensed corporate surety company or a resident and real property owner of LaSalle County, Illinois, who shall be worth at least the sum of $1,000 above his debts and exemptions in property subject to execution and sale, and who shall make an affidavit to that effect before signing as surety. In lieu of surety, $500 in cash may be deposited with the Clerk, to be returned without interest by the Clerk to the applicant within 30 days after the end of the license period or any renewal period thereof.
(B) The applicant shall further appoint the Clerk as his process agent in all matters connected with or arising out of the applicant's business. It shall be the duty of the Clerk immediately to advise the applicant by registered mail, addressed to the applicant at his place of business at the address furnished in the indemnity bond, of the nature and pendency of any action brought against the applicant wherein process is served on the Clerk.
('72 Code, § 32.04(c))