An applicant for an auction house license, who is not a transient auction house dealer, shall execute a corporate surety bond in the sum of $500 in favor of the city and of any person injured or damaged by false or fraudulent representations in dealing with said auction house, conditioned for the faithful observance of all-laws and ordinances of the city, the honest conduct of the business engaged in, and for the payment of damages of all persons injured or damaged by fraud or false or fraudulent representations in dealing with said auction house; said bond to be approved by the city council and filed with the city recorder. (Ord. 98-1, repealed and replaced, 2000; Prior code §4-5)