No license shall be issued for a distress merchandise sale unless there is filed with the Mayor a bond, with good and sufficient sureties, conditioned upon the faithful observance of all the provisions of this chapter and the indemnification of any purchaser at the sale who suffers any loss by reason of any misrepresentation made in connection with the sale, authorizing actions thereunder by the city for the violation of any provision of this chapter, and by any purchaser at the sale for damage or loss suffered by him by reason of any misrepresentation made in connection with the sale. The amount of the bond shall be determined as follows; 10% of the first $100,000 of the inventory cost of all the goods, wares, and merchandise to be offered at sale; 5% on the next $400,000 and 2% on the balance. The bond shall be approved as to form by the Director of Law and as to sufficiency by the Auditor.
('74 Code, § 118.04) (Ord. 616-A, passed 11-6-79)