The applicant shall also enter into a bond payable to the Village in the penal sum of one thousand dollars ($1,000.00), said bond to be executed by the applicant or applicants and by some incorporated surety company duly authorized to execute bonds of that character in the State of Illinois, or by personal sureties approved by the President and the Liquor Control Committee, conditioned upon the faithful observance of the laws of the State of Illinois and the provisions of this chapter. (1987 Code § 3-6-4)