Each person referred to in section 11-5-1 shall file with the City Clerk a bond in the sum of $1,000, with good and sufficient surety, for the purpose of guaranteeing compliance with the terms of this chapter and the faithful performance of any contract made with the customers and purchasers at the auction sale. The bond shall remain in full force and effect for a term of 60 days after the close of the auction sale for the purpose herein provided.