(A) Before engaging in the business of purchasing secondhand items containing precious metals, a dealer shall post a bond with the city clerk, in the amount of one thousand ($1,000.00) dollars either with a surety company licensed to do business in the Commonwealth of Kentucky or in cash.
(B) The bond required in this article shall be for a term of one (1) year following the cessation of doing business in precious metals. The bond shall inure to the benefit of the city, or to any person who shall be injured or sustain damage proximately caused by the failure to comply with the terms of this article by any precious metals dealer, canvasser, solicitor or other agent or employee of the dealer.
(Ord. No. 11.81, § 5, 6-16-81)