An owner or operator of a roller skating rink may, in lieu of furnishing proof of the issuance of an insurance policy as required by Section 864.01, file with the City Clerk a bond in the sum of three hundred thousand dollars ($300,000) payable to the City for the use and benefit of a person suffering personal injury or property damage as the result of the operation of such skating rink. Such bond shall be signed by such owner or operator and three or more good and sufficient sureties, to be approved by the Mayor. Such bond shall be conditioned upon the prompt payment and settlement by such owner or operator of any and all judgments rendered against him or her in favor of such person suffering personal injury or property damage arising out of the operation of such skating rink.