Every applicant for a license under this chapter shall file with the city clerk a surety bond in the penal sum of one thousand dollars ($1,000.00), with two (2) or more sureties owning real estate in the city approved by the city attorney, or corporate surety licensed with the state, with the applicant as obligee, conditioned for the faithful and due performance of the provisions of this chapter and the laws of the state concerning the operation of the licensed business, and the payment of all fines and penalties by reason of the violation thereof. (Ord. 1114, 8-19-1986)