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Terminal sale is a one-time sale of a total inventory of goods or the sale of the stock of goods of a business advertising or holding itself out to be terminating commercial operations at a fixed place of business. The term is synonymous with an “insurance,” “bankruptcy,” “damaged goods,” “insolvency,” “assignee's,” “executor's,” “administrator's,” “receiver's,” “trustee's,” “creditor's,” “forced re-removal,” “closing out,” “lost lease,” “we quit” and other sales similarly designated.
(`64 Code, Sec. 20-3) (Ord. No. 2452)
(A) No person shall conduct a terminal sale without first obtaining a permit issued by the license collector.
(B) Application for such permit shall be completed on forms provided by the license collector.
(C) The fee for such permit shall be established by resolution of the city council.
(D) The permit requirements of this section shall not apply to:
(1) A sale conducted under court order;
(2) A sale conducted by a governmental entity; or
(3) A sale conducted by any person or business terminating commercial operations at a fixed place of business that is the subject of eminent domain proceedings or is within a defined governmental redevelopment area.
(`64 Code, Sec. 20-4) (Ord. No. 2452)
No person or business shall advertise or conduct a terminal sale:
(A) For a continuous period greater than 90 days;
(B) With inducement, advertising or representations that do not state the true facts concerning the terminal sale; and
(C) For any inventory of merchandise to which goods have been added or additional stock included while the terminal sale is in progress.
(`64 Code, Sec. 20-5) (Ord. No. 2452)
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