§ 30-570. Deposit of negotiable securities required.

(a)

No permit or business license shall be issued to any person to carry on or engage in the business of professional bondsperson until the person has deposited with the chief financial officer cash or negotiable securities in the sum of $25,000.00, to be held by the city and subject to levy and execution by the city to the extent of any individual bond forfeitures not paid to the city, provided that this sum of $25,000.00 shall not limit the amount of liability of a professional bondsperson to the city and the bondsperson shall remain liable to the city for the total amount for which the bondsperson is responsible.

(b)

If any payment is made from the fund deposited by any bondsperson, the bondsperson shall deposit additional cash or negotiable securities in order to maintain the fund at the amount of $25,000.00.

(c)

The chief financial officer may deliver to the sheriff or other officers authorized to make levy and execution under writs of fi. fa. issued pursuant to law, sufficient collateral as set forth in this section to satisfy the fi. fa. issued in connection with and for the collection of a judgment as brought about by way of bond forfeiture.

(d)

The value of any security or other property approved for use in the signing of bonds or the financial backing of bonds shall be determined from the market value of that security or other property on the date of the deposit or the signing of the bond. On any subsequent date on which this value is again in question, the market value on that subsequent date shall control.

(e)

The deposit of a professional bondsperson with the chief financial officer shall be increased as necessary so that it shall always equal not less than ten percent of the bondsperson's outstanding bonds, provided that the minimum deposit shall be $25,000.00.

(Code 1977, § 14-6034)