A license issued under § 59.1-378 shall be for the period set by the Commission, not to be less than twenty years, but shall be reviewed annually. The Commission shall designate on the license the duration of such license, the location of such track or satellite facility or proposed track or satellite facility and such other information as it deems proper. The Commission shall establish criteria and procedures for license renewal. The Commission shall require (i) a bond with surety or (ii) a letter of credit, acceptable to the Commission, and in an amount determined by it, to be sufficient to cover any indebtedness incurred by the licensee to the Commonwealth.