(A) Before any license shall be issued under § 112.02, each applicant shall deposit with the City Treasurer a cash bond of not less than $1,000 and in a sum sufficient to equal the estimated city, county, school, and state tax, if any, which would be assessed against his personal property in the event he remains in business in the city a sufficient length of time to have the property assessed. The applicant shall secure a statement from the City Assessor indicating the estimated total amount of any assessment, and shall present this statement to the City Treasurer with the amount of money required as a result of the statement. The applicant shall furnish the City Assessor with any true and accurate information as shall enable him to make an accurate estimate.
(B) In the event that the personal property used or owned in the business by any transient merchant does, in fact, become subject to assessment and is duly assessed by the City Assessor, and the taxes paid thereon for a period of one year, then the amount of the bond shall be refunded forthwith or credited upon the payment of any taxes, in the discretion of the licensee.
(C) In the event that any transient merchant fails to continue in business for a sufficient length of time so that any personal property shall become subject to assessment and taxes paid thereon for a period of one year, then the cash bond so deposited shall become the property of the city and shall be deposited in the general fund.
(‘83 Code, § 112.06) Penalty, see § 10.99