Every applicant for a permit under this chapter, not a resident of the State, or who, being a resident of the State, represents a firm whose principal place of business is located outside the State, shall file with the City Auditor a surety bond running to the City in the amount of ten thousand dollars ($10,000.00) with surety acceptable to and approved by the City Law Director. The bond shall be contingent upon the applicant's full compliance with all the provisions of the ordinances of the City and the statutes of the City regulating and concerning the business of the solicitor. The bond shall further guarantee to any citizen of the City that all money paid as a down payment shall be accounted for and applied according to the representations to the solicitor and that the property purchased shall be delivered according to the representations of the solicitor. Action on the bond may be brought in the name of the City for the use or benefit of an aggrieved person.
The aggregate liability of the surety to any and all persons, regardless of the number of claims made against this bond or the number of years this bond remains in force, shall in no event exceed the amount set forth above. Any revision of the bond amount shall not be cumulative.
(Ord. 44-96. Passed 6-4-96.)