No license shall be issued for a distress merchandise sale unless there is filed with the Director of Safety-Service a bond in an amount equal to ten percent of the inventory value of all the goods, wares and merchandise to be offered at sale, with sureties thereon approved as to sufficiency by the Director.
The bond shall be conditioned upon the faithful observance of all the conditions of this chapter and the indemnifying of any purchaser at the sale who suffers any loss by reason of any misrepresentation made in connection with the sale. The bond shall authorize 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 incurred by him by reason of any misrepresentation made in connection with the sale. The bond shall be approved as to form by the City Law Director.
(Ord. 61-72. Passed 6-19-61.)