(A) In addition to the license fee required herein, the applicant for license shall be required to file and deposit with the Clerk-Treasurer a bond with sureties to be approved by the Clerk-Treasurer in the penal sum of $5,000 running to the city.
(B) The bond shall be for the use and benefit of any purchaser of any goods, wares or merchandise or service who might have a cause of action of any nature arising out of a sale against the applicant, or for the payment of any fines that may be assessed against the applicant, agents or employees for the violation of this section, or the satisfaction of all cause of action commenced within 1 year of the date that the sale is made provided that the aggregate liability of the surety on the bond shall in no event exceed the amount of the bond and that there shall be no limit of liability against the foot peddler, solicitor, hawker or itinerant dealer, or the applicant for the license; provided further, the Clerk-Treasurer in lieu of the bond may accept proof by the applicant that he or she is presently bonded in the penal sum of $5,000 or more, which would provide coverage for sales made within the city during the time of the applicant’s license.
(1982 Code, § 110.11(A)(4)) Penalty, see § 112.99