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(b) a bond of a surety company with minimum coverages <br />as provided in paragraph (a); or <br />(c) a certificate of <br />licensee has deposited with the <br />or securities which may legally <br />for trust funds having a market <br />the state treasurer that the <br />state treasurer $100,000 in cash <br />be purchased by savings banks or <br />value of $100,000. <br />(7) Approval of Security. Liability insurance policies <br />required by this Chapter shall be approved as to form by the <br />City Attorney. Operation of a business licensed by this <br />ordinance without having on file with the State Insurance <br />Commissioner or the City at all times effective security as <br />required in Subdivision 2 is cause for immediate revocation or <br />suspension of the license. <br />(8) Special Event on City Property: A liability insurance <br />policy for a special event to be held on City property shall <br />name the City as an additional insured. <br />703.050. LICENSE FEES. <br />(1) Each application for a license shall be accompanied by <br />a receipt for payment in full of the required fee for the <br />license. All fees shall be paid into the general fund of the <br />City. Upon rejection of any application for a license, the <br />Deputy City Clerk shall refund the amount paid. <br />(2) Every license except a temporary license shall run for <br />a period of one (1) year from July 1 in each year. A temporary <br />on -sale license shall run for a period of not to exceed three <br />(3) days. If a portion of the license year has elapsed when the <br />license is granted, the license shall be issued for the <br />remainder of the year for a pro rata fee. In computing such a <br />fee, any unexpired fraction of a month shall be counted as one <br />(1) month. <br />(3) The license fee for an "On -Sale Restaurant" <br />intoxicating liquor license or an "On- Sale" intoxicating liquor <br />license shall be fixed at the sum of Two Thousand Two Hundred <br />Fifty Dollars ($2,250.00.) The license fee may subsequently be <br />changed by Council resolution. <br />(4) The license fee for an "off- sale" license is hereby <br />fixed at One Hundred Dollars ($100.00) per year. The license <br />fee may subsequently be changed by Council resolution. <br />(5) The license fee for a "Temporary On -Sale" license is <br />hereby fixed at Forty Dollars ($40.00) for each license issued. <br />-13- <br />Page 70 <br />