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Ordinance 925 Page 13 coverage: one hundred thousand dollars ($100,000.00) bodily injury each person; two hundred thousand dollars ($200,000.00) each common cause; one hundred thousand dollars ($100,000.00) property damage each common cause; one hundred thousand dollars ($100,000.00) loss of means of support; two hundred thousand dollars ($200,000.00) each common cause; and three hundred thousand dollars ($300,000.00) annual aggregate. If the event is to be held on City property, the City shall be named as an additional insured and the license holder shall agree to hold the City harmless and indemnify and defend the City for acts of the license holder. (Added, Ord. 843, 5-20-10) Subd. 4. Subdivision 1 does not apply to on-sale wine licensees who by affidavit establish that they are holders of an on-sale wine license with sales of less than twenty five thousand dollars ($25,000.00) for wine for the preceding year. (Added, Ord. 843, 5- 20-10) Subd. 5. Revocation of License: The operation of such off-sale or on-sale intoxicating liquor or wine business without having on file, at all times, with the City proof of financial responsibility required by this Section shall be grounds for immediate revocation of the license. Notice of cancellation of a current liquor liability policy shall service as notice of the impending revocation of the license. (1988 Code §100.03) (Amended, Ord. 843, 5- 20-10) 502.08: LICENSE HEARING: No issuance of a new intoxicating liquor or wine license, transfer of an existing license, renewal of an existing license, issuance of temporary on- sale intoxicating liquor license, Sunday sales license, or special outdoor consumption endorsements shall be hereafter granted by the Council until a public hearing has been conducted by the Council after published notice in the official newspaper at least ten (10) days in advance of the hearing. (1988 Code §100.05) (Ord. 601, 5-12-97; Amended, Ord. 771, 4-24-06; Ord. 843, 5-20-10) 502.09: REVIEW AND INVESTIGATION OF APPLICATION; ISSUANCE OR DENIAL: Subd. 1. Investigation of Application; Issuance or Denial: The Council shall investigate all facts set out in the application. The City must conduct a preliminary background and financial investigation of all applicants and transfer applicants for on-sale intoxicating liquor licenses. After such investigation, the Council shall grant or refuse the application, in its discretion. No off-sale intoxicating liquor license, on-sale intoxicating liquor license for a club, temporary on-sale intoxicating liquor license or on-sale wine license shall become effective until it, together with the proof of financial responsibility furnished by the applicant, has been approved by the Commissioner. (Amended, Ord. 843, 5-20-10) Subd. 2. Report to Commissioner: The City Administrator shall, within ten (10) days after the issuance of any on-sale intoxicating liquor or wine license under this Chapter, submit to the Commissioner the full name and address of each person granted a