If the provisions under which any license is to be issued require the licensee to furnish a bond, the bond must be duly executed by the licensee and a corporate surety, and must be furnished to the City Clerk at the time the application is filed or as soon thereafter as the Clerk requests. The bond must be in such amount and with such penalty provisions as required by the provision and must be approved as to form and execution by the Attorney and as to surety and amount by the City Clerk. Such bonds may be in form as to terminate with the annual license period or may be in form so as to provide for automatic renewal in the event the license is renewed.
('72 Code, § 400:18)