Each applicant for a permit shall execute and file with the Mayor a good and sufficient bond in the sum of five thousand dollars ($5,000), except that such bond shall not be required when the wholesale market value of the goods, wares or merchandise to be offered for sale is not in excess of five thousand dollars ($5,000). The bond shall be to the approval of the Director of Law and shall be conditioned upon faithful observance of all the conditions of this chapter and shall also indemnify any purchaser who suffers any loss by reason of misrepresentation in a sale licensed hereunder. The bond shall continue in effect for a period of one year. The permittee shall notify the Mayor of any suit filed as a result of the operations hereby licensed. Any purchaser claiming to have been damaged by misrepresentation in such sale may maintain an action at law against the permittee making such misrepresentations and may join as party defendant the surety or sureties on the bond herein required.
(Ord. 1986-116. Passed 1-7-87.)