All operations of and the conduct of raffles shall be under the supervision of a single raffles manager designated by the organization in its application. The manager of the organization shall give a fidelity bond in an amount equal to the aggregate value of the prizes to be awarded in favor of the organization conditioned upon manager's honesty in the performance of his/her duties, unless the Village President waives this bond requirement at the request of the licensed organization by including a waiver provision in the license issued under this chapter, provided that a license containing such waiver provision shall be requested and approved by unanimous vote of the members of the licensed organization. Notwithstanding the preceding sentence, fidelity bond waivers shall only be available to Class A and Class B license applicants. All such bonds shall provide, as an express term thereof, that notice shall be given in writing to the village not less than 30 days prior to the cancellation or expiration of the bond. In the event that a Class C raffles license applicant cannot determine the aggregate value of the prizes to be awarded in a given raffle, the amount of the manager's fidelity bond for such license shall be set at an amount not less than $50,000, or double the amount of the then-current aggregate prize value, as determined from time to time.
(Ord. 18-1460, passed 2-7-18)