As a condition for the issuance of a license or registration under Section 1446.01, each applicant shall give bond to the Municipality in the principal sum of ten thousand dollars ($10,000.00) conditioned that such applicant performs all work to be done by the applicant under the respective trade in conformity with all approved plans and specifications, and all of the laws of the State and the ordinances of the Municipality and that upon default of such performance the obligation of the bond becomes effective. The form of the bond shall be such as the Building Commissioner prescribes, and no registration or license shall become effective until the bond as herein prescribed has been filed with the Municipality. Whenever the holder of a license or registration refuses, neglects or fails to correct or abate a violation within a reasonable time limit set by the Building Commissioner, such license or registration shall be revoked forthwith. (Ord. 2008-42. Passed 10-27-08.)