The bond required to be filed with the application for an auctioneer class B and an auction house license shall be in the sum of five thousand dollars ($5,000.00) payable to the city and executed by two (2) or more good and sufficient sureties or by a surety company qualified to execute surety bonds in the state, and shall be approved by the director of finance. Such bonds shall be joint and several and conditioned that the principal in the bond will faithfully conform to each and all ordinances of the city then in force or thereafter adopted, relating to auction sales of the business of auctioneers. The principal and surety or sureties named in such bond shall be jointly and severally bound unto any and every person aggrieved or damaged by any breach of the condition of the bond; and the bond shall not be void upon the first recovery but may be sued and recovered upon from time to time until the whole penalty is exhausted; and the life obligation of such bond length of time as such license remains in force and effect and for ninety (90) days thereafter.
(1953 Code, ch. 5, § 4; Ord. No. 7434, § 3, 6-18-90)