(A) At the time of filing with the License Officer an application for a promoter's license, the applicant shall file and hereafter maintain with the License Officer a good and sufficient bond in the aggregate sum of $5,000 running to the city for the use and benefit of interested persons and parties, executed by the applicant and by two or more responsible sureties, or a surety company authorized to do business in the state, to be approved by the License Officer. The total aggregate liability on said bond shall be limited to the payment of $5,000. Said bond shall be conditioned upon the strict compliance by the principal with the provisions of this Article II, and for the payment of any direct pecuniary loss sustained, through any act of grand or petty theft on the part of the principal, by any donor or by any person on whose behalf the funds or personal property were solicited or received by the principal.
(B) Said bond shall remain in force and effect for the entire period of the license. The sureties may cancel the bond and be relieved from further liability thereunder by delivering 30 days' written notice to the License Officer. Such cancellation shall not affect any liability incurred or accrued thereunder prior to the termination of said 30-day period.
(C) Any person who sustains any injury covered by said bond may, in addition to any other remedy that he or she may have, bring an action in his or her own name upon said bond for the recovery of any damage sustained.
(D) Upon the action being commenced, such bond shall not be void upon first recovery thereon, but may be sued upon from time to time until the full of such penalty shall be exhausted. The city may, at its discretion, require the filing of a new bond, and immediately upon the recovery in any action on such bond, such promoter shall file a new bond and upon failure to file the same within ten days in either case, the License Officer shall forthwith suspend such promoter's license to solicit.
(E) The time within which any action can be brought against a surety upon any bond filed under this chapter may, by express provision in the bond to that effect, be limited to a period of two years from and after the discovery, by the person aggrieved, of the act or default complained of.
(`83 Code, § 5.40.190) (Ord. 82-46 § 13 (part), 1982)