A. In connection with the issuance of a license to any of those businesses not regulated by the state, the posting of a cash or corporate surety bond shall be required in addition to the regular license fee otherwise required. Such bond may be waived where the applicant is the owner of real property in the city with an equity valued in excess of twenty thousand dollars ($20,000.00), or where the license officer determines that a bond is not necessary in light of the type of business being conducted and its history in the community. In the event of a surety bond, the bond shall indemnify and run to the city and any person injured or damaged through dealing with said licensee, their employees or agents, and shall be in full force and effect for the term of the license issued. It shall be conditioned on the fact that the bonded licensee will fully comply with all of the provisions of the ordinances of the city and the statutes of the state regulating and concerning the conduct of the business contemplated, will not practice any fraud, deceit or make any material misrepresentation of fact with reference to merchandise or services sold, and will pay all damages which may be sustained by any person by reason of any fraud, deceit, negligence or wrongful act on the part of the licensee, his agents or employees. The amount of the bond shall be determined by the city license officer in an amount not less than one hundred dollars ($100.00), nor more than twenty thousand dollars ($20,000.00), depending upon the background of the applicant, the nature of the business to be conducted, the regulatory duties to be imposed upon various city departments, the opportunity to defraud consumers that may be inherent in the type of business undertaken, or any combination of these. Action on such bond may be brought in the name of the city for its own benefit, to the use or benefit of the aggrieved person injured by the negligent, willful, malicious or wrongful act of the principal, agent, servant or employee in the conduct of a licensed business. (Ord. 1-1-1987, 1-18-1987)