122.03 DEPOSITS AND BOND
122.03 DEPOSITS AND BOND
Every applicant for a transient dealer’s license shall execute and file with the City Controller,
or his designee, a good and sufficient bond in the sum of $5,000.00 or 10% of anticipated sales, whichever is greater, with the surety thereon a surety company authorized to do business in the State of Indiana approved by said City Controller and shall be payable to the City of Richmond to the extent that any taxes or fines as determined by the Controller of the City to be due are not paid, upon judicial determination those authorized to file suit thereunder, and shall be conditioned upon faithful observance of all the condition of this section, and the payment of city, county and state license, sales, use, income or occupational license taxes due or to be withheld and paid by the licensee hereunder, and shall also indemnify any purchaser at such sale who suffers any loss by reason of defective merchandise or any misrepresentation is said sale. Said bond shall also provide that the City of Richmond, Wayne County and State of Indiana may file suit in their own name against the licensee and/or the surety on said bond for any taxes, fees or fines due from the licensee which are not paid within 30 days of the termination of the sale and that any purchaser at such sale may maintain an action against the licensee and/or said surety for claims arising from such a sale. Said bond shall also provide that it shall continue in effect for one year after the termination of the sale for which it is made and until all actions are
concluded and the judgment or judgments, if any, have been paid and fully satisfied, or the amount of the bond exhausted by such payments. This bond shall be in addition to all deposits required under other ordinances of the City, including but not limited to the sales and use tax ordinances. The above bond and certificate of qualification to do business in Indiana shall be public records open to examination upon request and copies thereof shall be furnished on request upon payment of a fee of $0.25 per page. (Ord. 130-1985)
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