All applicants for permits required by this chapter shall be made in writing and filed with the city clerk addressed to the city manager, by the individual who as auctioneer, or as owner of the property to be sold, will carry on or conduct any auction sale, not less than twenty (20), or more than forty (40) days before the date of the commencement of such sale. Each application shall be accompanied by a fee of fifty dollars ($50.00), no part of which shall be subject to refund to the applicant. The city manager is hereby authorized to grant a permit for the carrying on or conducting of an auction sale, in the city, upon the filing of such applicant and payment of said fee of fifty dollars ($50.00), unless upon investigation, he/she shall find that the public interest requires the denial thereof, in which event he/she shall deny the same; provided, that no permit for any auction sale in the city shall be issued unless and until the applicant therefor shall have filed with the city clerk a surety bond to the city, executed by a surety company duly authorized to do business in the state of California, to be approved by the city attorney, in the penal sum of seven thousand five hundred dollars ($7,500.00). Said bond must be joint and several, and bind the principal's executor, administrators, successors and assigns, and shall insure to the benefit of the city and of any individual injured by a violation of any of the provisions this chapter, and further insuring them against any loss or damage that may result to applicant at any auction sale authorized by such permit, and further conditioned to pay any final judgment obtained in a court of law, for fraud or misrepresentation in the sale of any property, goods, wares or merchandise effected at any such auction sale and that said bond shall not be exhausted by the first recovery thereon, but shall be and remain in full force notwithstanding one or more actions or recoveries thereon, until its full penal sum has been exhausted. (Ord. 9517 § 1 (part), 1995: prior code § 6852)