All persons engaged in the business of installing, repairing or altering plumbing shall, before engaged therein in the village, deposit with the village a bond in the sum of $1,000. Such bond shall be conditioned that all plumbing work performed by the licensee or under his or her supervision shall be performed in accordance with the provisions of the Plumbing Code herein adopted, and that he or she will pay all fines and penalties properly imposed upon him for violation of the provisions of this section.