Before any such license shall be issued by the board, the applicant shall furnish a proper surety company bond to be approved by the board in the penal sum of five hundred dollars ($500.00) conditioned upon the proper compliance by the applicant with this code and all ordinances of the village relating to his or its conduct of the amusement to be licensed, and upon the payment by the applicant and licensee of all fines and penalties which may be imposed for the violation of any ordinance concerning the amusement to be licensed. (1963 Code § 13.904)