Before such license is issued, the applicant shall file a bond running to the city conditioned for the faithful performance of all provisions of the ordinances of the city concerning pawnbrokers, which bond must remain in effect during all of the time that the applicant is engaged in such business. This bond shall be in the sum as set in the bond schedule. To such bond shall be attached a justification to the effect that the sureties are residents within the county and each is worth the amount specified in such bond, over and above all just debts and liabilities, and exclusive of property exempt from execution. In lieu of the above-mentioned bond, there will be a surety bond of a company licensed to do business in the state and otherwise acceptable.
(Prior Code, § 9-505)