No license shall be issued under this chapter until a bond has been given, executed by a responsible surety company authorized to do business in the state, payable to the city or people of the state for the use of the city, in the penal sum of three thousand dollars ($3,000.00) conditioned for the faithful observance of this chapter and the laws of the state and to pay all fines and costs assessed against him under the provisions of this chapter, pertaining to the sale, possession or distribution of alcoholic liquors or spirits, beer or wine. (Ord. 407, 6-15-1987)