Any sales under the provisions of this chapter may be held by public outcry and auction, provided the same is conducted by an auctioneer holding a current auctioneer's license under the provisions of this code. when application is made for license for such closing out sale, a detailed inventory of the items to be offered must be submitted to the City Clerk, and such inventory shall be secured by a bond or cash deposit based on 1% of the total inventory value, such bond or cash deposit to serve as security to insure that no items not shown on the original inventory are offered for sale, and the bond or cash deposit shall be returnable upon submission of proper closing inventory or affidavit that all times have been disposed of.
('72 Code, § 19-77) (Ord. 2130-A, passed - - )