All applications submitted pursuant to this subchapter shall be accompanied by the bond of the applicant in the penal sum of $5,000 running to the Town of Clayton, and conditioned to secure the faithful observance of this subchapter by all persons taking part in the conduct of the auction. The bonds shall be secured by 2 or more individual sureties each of whom must be qualified by ownership of property subject to execution within this state over and above all just debts and liabilities of a value equal to twice the penal sum of the bond, or by 1 corporate surety qualified to do business in this state.
(Ord. 489, passed 4-14-1975)