Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 4471-6. Bond required

No license shall be issued unless there is filed with the treasurer of the city, or the secretary of the borough, or the secretary of the board of commissioners of the township where such is to be held, a bond payable to the Commonwealth of Pennsylvania conditioned upon the faithful observance of all the provisions of this act, and the indemnifying of any purchaser at such sale who suffers any loss by reason of misrepresentation made in connection with such sale, and for the payment to any municipality or the Commonwealth of all taxes due and owing or which may become due, and authorizing actions thereunder by the city, borough, or township and by any purchaser at such sale for damage or loss suffered by him by reason of any misrepresentation made in connection with such sale:  Provided, however, That the aggregate liability of the surety for all breaches of the conditions of the bond shall in no event exceed the amount of said bond.  The amount of said bond shall be determined as follows:  five percent of the first one hundred thousand dollars ($100,000) of the retail value of all the goods, wares and merchandise to be offered at such sale;  two percent of the next four hundred thousand dollars ($400,000);  and one percent of the balance.  Said bond shall be approved as to form and sufficiency by the city, borough, or township solicitor and by the city treasurer, borough council, or township board of commissioners or board of supervisors.