At the time of filing an application for a license, the applicant shall file a bond in the amount of ten thousand dollars ($10,000.00) with the city. The bond, with a duly licensed surety company as surety thereon, must be approved as to form by the city attorney. The bond must be conditioned on the licensee observing all ordinances of the city and all laws relating to the business of pawnbroker or precious metal dealer, and the licensee accounting for and delivering to any person legally entitled thereto any articles which may have come into the possession of the licensee as pawnbroker or precious metal dealer, or in lieu thereof such licensee paying the person or persons the reasonable value thereof. The bond shall contain a provision that it may not be canceled without thirty (30) days' advance written notice to the licensing authority. (Ord. 716, sec. 1, 7-1-2002)