Every applicant for a license under this article shall file with the city clerk a
surety bond running to the city in the amount of $5,000.00 with surety acceptable
to and approved by the city clerk, conditioned that the said applicant, if issued
a license hereunder, will comply fully with all of the provisions of the ordinances
of the city and the statutes of the state regulating and concerning auctions and auctioneers,
will render true and strict accounts of all his sales to any person employing him
to make the same, will not practice any fraud or deceit upon bidders or purchasers
of property from him at any auction sale or suffer or permit any person in his employ
to practice any such fraud, deceit, negligence, or other wrongful act on the part
of the licensee, his agent, or employees in the conduct of any auction or in the exercise
of the calling of the auctioneer. A liability insurance policy issued by an insurance
company authorized to do business in the state, which conforms to the above requirements,
may be permitted by the city administrator, in his discretion, in lieu of a bond.
(Code 1985, § 9-211(4))
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