(A) Before any license shall be issued, the applicant shall furnish a bond with a corporate surety, such corporate surety to be a surety company regularly authorized to act as surety and to be approved by the Local Liquor Control Commissioner. Such bond shall provide against any violation by the principal, his agents or employees of any of the terms of this chapter or any other ordinance, rule or regulation now in force or which may hereafter be in force in the Village affecting the operation of such business. The penalty of such bond shall be $2,500.
(B) In lieu of such corporate surety such applicant may furnish a bond to the Village with 2 sureties who shall be residents of the Village and each of whom shall be able to schedule real estate owned by him in the Village of a market value of twice the penalty of such bond over and above any encumbrances, taxes, assessments, homestead rights and liens of any character. Such proposed surety shall file with the Local Liquor Control Commissioner a schedule setting forth the street address, as well as the legal description of the real estate owned by him; the names of all persons interested therein, whether or not the same is improved; if improved, the nature of the improvements thereon; whether or not the same is encumbered and if encumbered, the amount and nature of the encumbrance; whether or not the same is subject to homestead rights, listing any unpaid taxes except the approximate estimated value of such property over and above encumbrances, and such other information as the Local Liquor Control Commissioner may request to aid him in determining the sufficiency of the bond. Such schedule shall be sworn to by the proposed surety.
(1997 Code, § 35.30) (Ord. 78-10, passed 5-25-1978; Am. Ord. CO-97-07,passed 10-9-1997)