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1321,04 INSURANCE Each applicant for a license shall furnish evidence of insurance for bodily injury in the amount of One Hundred Thousand Dollars/Three Hundred Thousand Dollars ($100,000/$300,000), and for property damages in the amount of at least Fifty Thousand Dollars ($50,000). 1321.05 BOND Each applicant for a license shall furnish a performance bond in the sum of Five Thousand Dollars ($5,000) guaranteeing full and faithful compliance by the licensee with all prOvisions of any applicable Code or Ordinance of the City of Lakewcod and binding and surety thereon to correct or abate any violations of any applicable Code or Ordinance of the City of Lakewcodwhenever the applicant for a license named as the principal on such bond refuses, neglects or fails to correct or abate such violation within a reasonable time limit set by the Building Comnissioner. 1321.06 LICENSING BY THE BUILDING COMMISSIONER Upon receipt of a properly completed license application and upon compliance with Sections 1321.02, 1321.03, 1321.04 and 1321.05, the Building Conmissioner shall issue a license to the applicant which shall be valid only for the current calendar year. 1321.07 REVCCATION OFLICENSE The Building Coumissionermay revoke any license or renewal thereOf issued under the provisions of this Chapter for one or several of the following reasons: (a) ~srepresentation of a material fact by the applicant in obtainingthe license or renewal thereof. (b) The use of the license by the licensee in obtaining a Building Pennit for work to be performed by a contractor or builder other than the 'licensee. (c) Violation of or non-compliance with any provision of any applicable Code or Ordinance of the City of Lakewood in the performance of any work done pursuant to a license issued hereunder. 1321.08 NOTICE OF RE1KDCJ~TION In the event the application for a license is not approved or in the event any license issued under this Chapter is revoked, the applicant shall be notified of the refusal or revocation in writing and such notice shall be sent by certified mail to the applicant at the address of the applicant as set forth in the application for a license. The applicant shall have ten (10) days after receipt of such notice to appeal such refusal or revocation. Such appeal shall be perfected by filing awritten notice of the appeal with the Director of Public Safety. There- upon, the applicant shall have not less than ten (10) days notice