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(A) No permit shall be issued for a distress merchandise sale unless there is filed with the City Manager a bond conditioned upon the faithful observance of all the provisions of this subchapter and the indemnifying of any purchaser at the sale who suffers any loss by reason of any misrepresentation made in connection with the sale, and authorizing actions thereunder by the city for the violation of any provision of this subchapter, 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:
(1) Ten percent of the first $100,000 of the inventory cost of all the goods, wares, and merchandise to be offered at sale;
(2) Five percent on the next $400,000.
(3) Two percent on the balance.
(B) The bond shall be approved as to form by the City Solicitor and as to sufficiency by the City Manager.
('91 Code § 113.19) (Ord. 1996-1957, passed 6-12-57)