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<br />. <br /> <br />. <br /> <br />. <br /> <br />securities which may legally be purchased by savings banks <br />or for trust funds having a market value of $100,000. <br /> <br />(3) Approval of Securitv. The security offered under <br />paragraphs 2 and 3 hereof shall be approved by the Council <br />and in the case of applicants for on-sale wine licenses, <br />by the State Commissioner of Public Safety. Surety bonds <br />and liability insurance pOlicies shall be approved as to <br />form by the City Attorney. Operation of a licensed <br />business without having on file with the City at all <br />times, effective security as required in paragraphs 2 and <br />3 hereof, is a cause for revocation of the license. <br /> <br />Section 2. This ordinance shall take effect and be in <br />full force from and after the day of publication. <br /> <br />Passed and adopted by the Elk River City Council this 6th day <br />of November, 1989. '- L~d Z~ <br /> <br /> <br />James A. Tralle, Mayor <br /> <br />ATTEST: <br /> <br />