Each applicant hereunder shall execute and file with the City Manager a good and sufficient bond in the sum of two thousand five hundred dollars ($2,500), except that such bond shall not be required when the wholesale market value of the goods, wares or merchandise to be offered for sale is not in excess of five thousand dollars ($5,000). Such bond shall be executed with two or more sureties thereon who are freeholders within the City, or with a surety company authorized to do business in the State. The bond shall meet the approval of the Director of Law and shall be conditioned upon faithful observance of all the conditions of this chapter and shall also indemnify any purchaser who suffers any loss by reason of misrepresentations in a sale licensed hereunder. The bond shall continue in effect until the expiration of the statute of limitations on all claims secured by the bond. The licensee shall notify the City Manager of any suit filed as a result of the operations hereby licensed. Any purchaser claiming to have been damaged by misrepresentation in the sale may maintain an action at law against the licensee making the misrepresentations and may join as party defendant the surety or sureties on the bond as herein provided. (Ord. 8416. Passed 3-1-55.)