No license shall be issued for a distress merchandise sale unless there is filed with the Fiscal Officer a bond conditioned upon the faithful observance of all the provisions of this chapter and the indemnifying of any purchaser at such sale who suffers any loss by reason of any misrepresentation made in connection with such sale, and authorizing actions thereunder by the village for the violation of any provision of this chapter, and by any purchaser at such sale for damage or loss suffered by him or her by reason of any misrepresentation made in connection with such sale. The amount of the bond shall be determined as follows: 10% of the first $100,000 of the inventory cost of all the goods, wares and merchandise to be offered at sale; 5% on the next $400,000 and 2% on the balance. The bond shall be approved as to form by the Solicitor and as to sufficiency by the Fiscal Officer.
(1997 Code, § 112.05) (Ord. 403, passed 6-6-1961)