Application for a closing-out sale license shall be made in writing to the licensing authority and shall contain the following information:
   (A)   The names and addresses of the persons to be licensed including the names of all partners and, if a corporation, the names and addresses of the officers and directors thereof;
   (B)   The name and address of the owner of the merchandise to be sold under the license if the applicant is acting as an agent of the owner;
   (C)   An attached inventory containing a complete and accurate list of the merchandise on hand which is to be sold under the license, except as hereinafter mentioned, which shall set forth the cost price of the enumerated articles, and at the discretion of the licensing authority, the manufacturer's name and stock number, the date of the purchase and the name of the person from whom the articles were purchased. If the merchandise to be sold under the license was purchased for a lump sum so that it is not practicable to list the cost price thereof, the inventory shall state the lump sum paid therefor. The inventory shall have an affidavit attached thereto from which it shall appear that the information set forth therein is true to the knowledge of the applicant. In those businesses wherein trade-ins are considered as part of the usual course of business, the trade-ins shall be considered part of the original inventory as herein mentioned; provided that, at the end of each week, during the period of the license hereof, the licensee shall, under oath, make written statements to the Superintendent of Police describing the trade-ins and setting forth the name and residence of the person from whom the trade-in was received;
   (D)   The place at which the sale is to be conducted;
   (E)   The date and the period of time during which the sale is to continue;
   (F)   A full and complete statement of the facts in regard to the sale and the manner in which the sale will be conducted;
   (G)   The means to be employed in advertising the sale together with the proposed content of any advertisements; and
   (H)   Facts establishing that all taxes previously levied on the merchandise by the city have been paid and no license shall be issued for the closing-out sale thereof until any tax so payable to the city thereon shall have been paid.
(1967 Code, § 3-10)