(A) Required; Amount: Every applicant for a license hereunder shall file with his application a joint and several bond executed by at least two (2) good and sufficient sureties residing or licensed to do business within the state, to the liquor control commissioner, and to his successor in office, in the amount of five hundred dollars ($500.00), conditioned upon true and faithful compliance by said licensee with all the provisions of this chapter and of the laws of the state pertaining to alcoholic liquors.
(B) Forfeit: If a licensee shall be convicted of the violation of any of the provisions of this chapter, or his license shall be revoked and no appeal is taken from said order of revocation, or any appeal taken therefrom is decided adversely to the licensee, his bond shall thereupon be forfeited and the liquor control commissioner shall institute suit upon such bond in his name as such commissioner for the entire amount of said bond and costs. In any action brought on any such bond, the commissioner shall be represented by the city attorney. (1972 Code)