Every itinerant peddler, photographer, salesperson, magazine solicitor and each itinerant salesperson of every kind and description who shall propose to solicit orders for or sell merchandise of any kind shall post a bond with the Village Clerk/Treasurer in the amount of one thousand dollars ($1,000.00), conditioned upon the faithful performance of all provisions of this Code and of all contracts entered into by the itinerant while located in the Village, in addition to the license fee specified in this Chapter, and which bond shall either be in cash or a surety warranted by a surety company authorized to do business in the State. The surety bond to have a life of not less than six (6) months. In the event a cash bond is posted, the Village Clerk/Treasurer shall issue a receipt therefor, and upon the expiration of six (6) months, shall refund the bond upon demand and return of the receipt; provided, no valid claims upon the bond shall have been filed and/or allowed and paid, in which event no part of the bond deposited shall be returned. (1976 Code § 9-3-9)