A. Supervision: The operation of and the conduct of raffles shall be under the supervision of a single raffles manager designated by the organization.
B. Amount Of Bond: The raffles manager shall give a fidelity bond in the sum of the total value of the prizes to be awarded in the raffle. Such bond must be issued by a responsible insurance company or financial institution duly authorized to do business in Illinois, and shall be in effect from the commencement of sales of chances within the village until at least thirty (30) days after the raffle is conducted.
C. Cancellation: Terms of the bond shall provide that notice shall be given in writing to the village president or his designee not less than thirty (30) days prior to its cancellation.
D. Waiver Of Requirement: The village president or his designee may waive this bond requirement to any organization under this chapter, if upon investigation it is determined that such a bond requirement imposes a hardship on the organization so as to prevent the operation of the raffle. (Ord. 07-8-11, 8-21-2007)