Every applicant for a license or a renewal thereof shall execute a penal bond, in a form reasonably satisfactory to the city, which shall be secured by a licensed bonding company, payable to the city, and conditioned upon the faithful observance of the provisions of this chapter and the laws of the state and the United States. Such bond shall be in the amount of $500 and shall, upon the approval of the City Clerk as to its form, be tendered with the application for the license. An applicant may furnish in lieu of the bond a certificate of dram shop insurance coverage in the categories and in minimum amounts equal to the limitations on judgments provided in § 6-21 of the Liquor Control Act of 1934 (ILCS Ch. 235. Act 5, § 6-21). Any such certificate of insurance in lieu of bond shall provide that the expiration of such insurance policy shall not be earlier than the expiration date of the license sought.
(1999 Code, § 116.14) (Ord. 1534, passed 3-30-1992)