Sec. 23.1-7. Bond or letter of credit required of dealers when permit obtained.
(a) Every dealer shall secure a permit as required by Section 23.1-9, and each dealer at the time of obtaining such permit shall enter into a recognizance to the City of Lynchburg, secured by a corporate surety authorized to do business in the Commonwealth of Virginia, in the penal sum of ten thousand dollars ($10,000.00) conditioned upon due observance of the terms of this chapter. In lieu of a bond, a dealer may cause to be issued by a bank authorized to do business in the Commonwealth of Virginia a letter of credit in favor of the City of Lynchburg in the sum of ten thousand dollars ($10,000.00).
(b) A single bond upon an employer or principal may be written or a single letter of credit issued to cover all employees and all transactions occurring at a single location. (Ord. No. O-83-023, § 1, 2-8-83)
Last updated date: 10/23/2006 4:15:21 PM