Each such peddler or solicitor subject to the provisions of this chapter shall file with the Police Committee Chairperson a verification statement of his residence, the principal or employer's name and address and the assets and liabilities of said peddler or solicitor. In addition thereto, the peddler or solicitor shall give and enter into a proper and suitable bond to the Village in the penal sum of two thousand dollars ($2,000.00), signed by responsible sureties or a surety company and conditioned that said peddler or solicitor fully and faithfully will secure performance of his part of all sales and contracts made by him and will account for all monies so received by him and will reimburse each of his said purchasers or contractors, if the principal of the peddler or solicitor repudiates the authority of the peddler or solicitor, or refuses, without lawful reason, to complete and fulfill his part of the order, sale or contract. (1987 Code § 3-5-7; amd. 2018 Code)