Before issuing any license authorizing any person to engage in the business of a restaurant retail liquor dealer, retail liquor dealer, or on-sale retailer, the common council may require such person to file with the council in the form as shall be by it prescribed, a bond duly executed by such person as principal and a surety company, duly entered and entitled to do business in the state, countersigned by its authorized local agent as surety, payable to the city in the principal sum of five hundred dollars ($500.00) conditioned upon the faithful performance of all the requirements of this chapter and expressly providing for the payment of all license fees and other obligations arising out of this chapter. Only one bond shall be required for the license issued. (Ord. 5 § 2(c), 12-19-1949)