[P&L Code § PL726]
With the application for a permit under this division, the applicant shall file with the City Clerk a bond, executed by a corporate surety authorized to do business in the state or by three persons, each of whom shall swear under oath that he is worth an amount not less than the penalty set forth in the bond, over and above all debts and exemptions. Such bond shall be in the amount of $1,000 and shall be conditioned upon the faithful handling and distribution of the funds raised according to the plans and purposes set forth in the application, and that funds will be solicited in the manner specified in the application and not contrary to state law or ordinances of this City. If such bond is filed with individual sureties, said sureties may be examined by the City Attorney, under oath, concerning the character and extent of their property and whether or not it is subject to execution. Such bond shall be approved by the City Attorney before any permit shall be granted under the terms of this division.