Section 16-117-27 - Renewal of bond or irrevocable letter of credit coverage(a) Each activity desk providing a bond or a letter of credit with a coverage amount of less than $100,000 shall submit a notarized annual report at least four months before the anniversary date of the activity desk's coverage.(b) Replacement bonds or letters of credit shall provide coverage as necessary according to the average monthly net sales revenue of the preceding twelve-month period in accordance with § 16-117-26.(c) Any downward adjustment of coverage shall not be less than $50,000.[Eff 1/16/93] (Auth: §§ -2, -17, Act 231, SLH 1992) (Imp: § -10, Act 231, SLH 1992)