No license shall be issued for a distress merchandise sale unless there is filed with the city treasurer a bond conditioned upon the faithful observance of all the provisions relating to the sale of distress merchandise and the indemnifying of any purchaser at the sale who suffers any loss by reason of any misrepresentation made in connection with the sale, and authorizing actions thereunder by the city for the violation of any provision of this chapter, and by any purchaser at the sale for damage or loss suffered by him by reason of any misrepresentation made in connection with the 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 the sale; 5% on the next $400,000; and 2% on the balance. The bond shall be approved as to form by the city solicitor and as to sufficiency by the safety-service director.
('73 Code, § 110.23) Penalty, see § 110.99(F)