Each application for a pawnbroker license shall be accompanied by a bond in the amount of five thousand dollars ($5,000.00) executed by a corporation authorized to do business in this State and conditioned that in conducting such business the licensee will observe all laws in relation to pawnbrokers and will conduct business in conformity thereto, and that the licensee will account for and deliver to any person legally entitled any goods which have come into the licensee’s possession through the licensee’s business as a pawnbroker, or in lieu thereof, will pay the reasonable value in money to the person. Such bond shall be maintained so long as the pawnbroker does business and shall be for the benefit of the City or any person who shall suffer any damage through the act of such pawnbroker and shall not be terminable without the bond company giving written notice thirty (30) days in advance of termination to the City Clerk.