No license shall be issued for a liquidation sale unless there is filed with the City Auditor a bond conditioned upon the observance of all the conditions of this chapter and the indemnifying of any purchaser at such sale who suffers any loss by reason of any misrepresentation made in connection therewith, and authorizing actions thereunder by the City for the violation of any provision of this chapter and by any purchaser at such sale for damages or loss suffered by him by reason of any misrepresentation made in connection with such sale. The amount of such bonds shall be determined as follows:
(a) Ten percent (10%) of the first one hundred thousand dollars ($100,000.00) of the inventory cost of all the goods, wares and merchandise to be offered at the sale;
(b) Five percent (5%) of the next four hundred thousand dollars ($400,000.00) and two percent (2%) of the balance.
Such bonds shall be approved as to form by the Law Director and as to sufficiency by the Auditor. (Ord. 44-1959. Passed 8-25-59.)