Every licensee shall execute a bond to the village with good and sufficient sureties as may be approved by the Village Board of Trustees, in the penal sum of $20,000 or such other sum as the Board of Trustees may from time to time prescribe for the term of the license issued or any renewal thereof, conditioned on the faithful performance by the licensee of all duties imposed by law or under any agreement with the village. In lieu of the bond the licensee may deposit cash or direct general obligation securities of the United States of America with the Village Treasurer. This deposit will be refunded on full compliance by the licensee with the conditions.
('71 Code, Ch. 6 § 6-9) (Ord. 246, passed 11-9-66)