At the time of so filing with the director an application for a license as a manager the applicant must either:
(a) File and thereafter maintain with the director a good and sufficient bond in the aggregate sum of five thousand dollars running to the city for the use and benefit of interested persons and parties, executed by the applicant and a surety company authorized to do business in the state, which surety company shall be approved by the city attorney; or
(b) Assign to the city savings and loan certificates in the sum of five thousand dollars.
(Ord. 790 § 16 (part), 1999)