The applicant must furnish and file with the Council, prior, to the granting of any such permit, a bond issued by a surety company authorized to do business in the state, in the principal sum of $1,000, or a bond in cash in the sum of $1,000, for the faithful performance of the provisions of this chapter, which bond shall be payable to the city and which bond shall be approved by the Council and filed in the office of the City Clerk. The bond may be cancelled and terminated within not less than six months from the date of termination of the auction upon proper proof being made to the City Clerk, whose statement of termination and cancellation shall be evidence thereof. If the bond shall be cash, the cash shall be returned to the person furnishing the same within not less than six months from the date of termination of the auction upon the same terms and conditions.
('61 Code, § 4-3.11) (Ord. 138 N.S., passed - - )