Every applicant for an auction or estate sale license shall file with the village manager a surety bond running to the village in the amount of one thousand dollars ($1,000.00), with surety acceptable to and approved by the president of the board of trustees, and conditioned upon the applicant's compliance with all the provisions of this code and the statutes of the state regulating and concerning auctions, auctioneers, and estate sales, and further that such applicant will render true and strict accounts of all his sales to the person employing him to make the same, and will not practice any fraud or deceit upon bidders or purchasers of property from him at any auction or estate sale, and will pay all damages which may be sustained by any person by reason of any fraud, deceit, negligence or other unlawful act on the part of the applicant in the conduct of any auction or estate sale or in the exercise of the calling of auctioneer. A liability insurance policy issued by an insurance company authorized to do business in the state which conforms to the above requirements may be permitted by the president of the board of trustees in lieu of a surety bond. (Ord. 2199, 9-15-1997)