Every pawnbroker shall, at the time of receiving a permit, as required in § 115.02, file with the City Clerk and Treasurer, a bond to the city, to be executed by the person so licensed and by two responsible sureties or a surety company licensed to do business, in the penal sum of $1,000, to be approved by the City Manager, which bond shall be conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed.
('64 Code, § 18-3)