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Any person desiring to conduct a going-out-of-business sale shall, before engaging in such sale, file with the City Auditor an application as required, which application shall be accompanied by a bond in the amount of ten thousand dollars ($10,000), or ten percent of the wholesale value of the inventory submitted by such applicant pursuant to Section 832.04, whichever amount is greater, said bond to be executed by a surety company or by two responsible freeholders residing in the City, or, in lieu thereof, a cash bond of equal amount, conditioned upon all goods being sold as represented. Any person having a grievance due to the action of any person conducting a going-out-of-business sale shall have a right of action on the bond for the recovery of money or damages or both. In the event a cash bond is deposited, such deposit shall be retained by the City for a period of ninety days after the expiration of the going-out-of-business sale. The City Auditor shall not issue a license for a going-out-of-business sale until the bond provided for in this section has been filed and approved.
(Ord. 93-171. Passed 10-5-93.)