At the time application for a license under this chapter is made, where use of Municipal grounds is contemplated, the applicant shall deposit with the Clerk-Treasurer a cash bond of not less than one hundred dollars ($100.00) nor more than five hundred dollars ($500.00), conditioned upon the restoration and cleaning up of the grounds in a manner satisfactory to the Mayor or the Administrator. If such grounds are properly restored and cleaned up following the exhibition, the deposit shall be returned; otherwise, the same shall be forfeited to the Municipality.