Each person desiring a liquor license shall execute a penal bond in the sum of two thousand dollars ($2,000.00) with a solvent surety company licensed to do business in the State, to be approved by the City Attorney. Said bond shall be filed with the Mayor at the same time the application is presented and upon renewal of the application, and shall be conditioned upon the faithful observance by the licensee of the provisions of this chapter and the laws of the State and of the United States Of America applying to the sale and possession of intoxicating liquor and shall be further conditioned upon the payment of any judgment for damages and cost that may be recovered against such license in accordance with 235 Illinois Compiled Statutes 5/6-21. (Ord. 79-O-32, 7-3-1979)