An applicant for a license under this ordinance shall file with the city a performance bond in the amount as set by the City Council, and amended by resolution from time to time with a surety approved by the city, shall be a resident of the county or maintain a business office and business telephone in the county, and shall show, by satisfactory proof, that he or she has obtained all licenses and permits required by the state and the county to engage in the business of installing and connecting watermain service leads to public municipal watermains.