§ 82-96. Bond.

(a)

The city clerk shall require that an applicant for a crafted precious metals and gems dealer license file a bond with the application. The bond must be:

(1)

Satisfactory to the City of Baytown;

(2)

In the amount of $10,000.00 for each license;

(3)

Issued by a surety qualified to do business in this state; and

(4)

Valid at the time of the application and remain in effect during the entire term of the license.

(b)

The aggregate liability of the surety may not exceed the amount of the bond.

(c)

The bond must be in favor of the city for the use of the city and the use of a person who has a cause of action under this division against the crafted precious metals and gems dealer.

(d)

The bond must be conditioned on:

(1)

The crafted precious metals and gems dealer's compliance with this division and rules adopted under this division; and

(2)

The payment of all amounts that become due to the city or to another person under this division.

(Ord. No. 10,780, § 4, 12-13-07)