Each applicant for a license required by this chapter shall, before the license is issued to the applicant, file with the clerk a bond, with a surety approved by the council, in the penal sum of one thousand dollars ($1,000.00), conditioned that the applicant will comply with and observe the terms and conditions of all provisions of this code relating to secondhand goods dealers or their business, and will pay all costs, fines and penalties incurred on account of the applicant's failure to observe such provisions and will pay all damages resulting to any person by reason of the wrongful purchase or receiving of any stolen property or property from any minor, which bond shall be approved by the council and filed with the clerk. (2000 Code § 127.06)