No license shall be issued unless the applicant files with the City Clerk a bond with corporate surety payable to the City, conditioned upon the faithful observance of all the provisions of this article, the payment to the City or the State of all taxes due and owing or which may become due and the indemnifying of any purchaser at such sale who suffers any loss by reason of misrepresentation made in connection with such sale, provided that the aggregate liability of the surety for all breaches of the conditions of the bond shall in no event exceed the amount of the bond. The amount of the bond shall be determined as follows: five percent of the first one hundred thousand dollars ($100,000) of the retail value of all the goods, wares and merchandise to be offered at such sale, two percent of the next four hundred thousand dollars ($400,000) and one percent of the balance. The bond shall be approved as to form and sufficiency by the City Attorney or his assistant.
(WVaC 47-11B-9; Ord. A-2153. Passed 12-8-70.)