(A) Any person applying for a license under this chapter shall provide a good and sufficient bond, payable to the city in the penal sum of $1,000 with sureties approved by the City Solicitor, conditioned on compliance with this chapter.
(B) Attached to the bond shall be a verified statement by the owner or his or her duly authorized agent that:
(1) The sale is for the purpose designated in the advertising of the sale;
(2) The inventory contains no goods on consignment or not purchased in the usual course of business for resale, on bona fide orders without cancellation or return privileges;
(3) No goods shall be added to the inventory after the application is made or during the sale;
(4) The applicant or any person with whom applicant is or has been associated in the business has not conducted a going out of business sale at the same location within one year prior to the date of filing of the application; and
(5) No means have been established by the applicant for continuation of the business at the same location on termination of the sale in the case of a going out of business sale and the business described in the going out of business sale is to be discontinued on termination of the sale and is not to be continued by the same person, directly or indirectly, under the same name or under a different name at the same location for which the inventory for the sale was filed.
(C) Every bond required by this section shall be kept by the Finance Department until the expiration of three years from the final date of the sale as filed, and shall then be surrendered to the principal if he or she has so requested, otherwise to one of the sureties. If, at the expiration of three years, the Finance Department has reason to believe a pending court action relates to the bond, the Finance Department shall retain the bond until final disposition of the action.
(1984 Code, § 112.06) (Ord. O-61-66, passed 10-6-1966; Ord. O-37-74, passed 4-11-1974; Ord. O-41-92, passed 11-17-1992) Penalty, see § 122.99