§ 5-3. Bond.

Latest version.

It shall be the duty of the auctioneer conducting an auction sale under this chapter to file with the city a penal bond in the sum written in the adopted annual budget ordinance, with sufficient surety, to guarantee to the city his faithful compliance with the terms of this chapter and the faithful performance of any contract of sale made with the customers and purchasers at such auction sale. Such bond shall remain in force for a period of 90 days after the closing day of such auction sale for the purpose herein provided. Such bond shall be filed with the city tax collector at least 24 hours before an auction is held.

(Code 1967, § 6-4; Ord. No. 1733, 6-28-99)

State law reference

Auctioneer's bond, G.S. § 85B-4.

                    
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