(A) Every person receiving a license as an electrical contractor shall file with the Town Clerk a bond in the sum of $5,000, executed with a surety company authorized to do business in the State of Oklahoma; conditioned that the principal will install all electrical wiring fixtures, appliances and equipment in accordance with state law and other provisions of this code of ordinances; that the principal shall, without further cost to the person for whom the work was done, remedy any defective or faulty work caused by poor workmanship or inferior (or non-standard) material; and that the town will be fully indemnified and held harmless from any and all costs, expenses or damages resulting from the performance of his or her work as an electrical contractor.
(B) No license shall be issued to any such person until the said bond shall have been filed.
(C) All such licenses issued shall be valid only while the aforesaid bond is in effect.
(`85 Code, § 4-34)