The sheriff may not issue to a single organization in 1 calendar year more than 12 raffle licenses, no more than one of which may be for a raffle with a money prize exceeding $1,000. All raffle drawings shall be conducted in 1 calendar day. A raffle license is valid until all raffles are drawn. A raffle license shall state the day for the drawing or drawings. A money prize for a raffle may not exceed: $10,000 if the sponsoring organization has not held a raffle for a money prize exceeding $1,000 in the current calendar year; or $1,000 if the sponsoring organization has held a raffle for a money prize exceeding $1,000 in the current calendar year. An organization that intends to conduct a raffle for a money prize exceeding $1,000 shall: post a bond in the amount of the money prize; or obtain an irrevocable letter of credit from a bank in the amount of the money prize.