1205. BONDING

1205 BONDING 1205.1 At the time application for a bingo or raffle license is made, the Agency shall require each applicant to provide financial security in the form of certified funds, a bond, or other form of security as prescribed by the Executive Director. 1205.2 In accordance with D.C. Official Code § 3-1325, the financial security required in § 1205.1 shall guarantee the faithful discharge of the duties of the member responsible for gross receipts, payment of expenses, including fees and taxes, that net proceeds are expended for a lawful purpose, and that all prizes are awarded. 1205.3 The amount of the financial security shall be at least two hundred ($200) dollars and shall not exceed the aggregate value of the prize(s) offered. SOURCE: Final Rulemaking published at 29 DCR 5015 (November 12, 1982); as amended by Final Rulemaking published at 35 DCR 3788, 3795 (May 20, 1988); as amended by Final Rulemaking published at 62 DCR 13027 (October 2, 2015). District of Columbia Municipal Regulations Lottery and Charitable Games 30 DCMR § 1205