Any person desiring a junk dealer's license as required by Section 5.32.020 shall make application therefor to the city manager. Such application shall be in writing and shall set forth the full name of the applicant, his residence and the location at which such junk is to be kept or stored and the licensee shall not store or hold junk at any other place in the city. Such applicant shall file with the city clerk a bond in the penal sum of five hundred dollars with sureties to be approved by the city commission, conditioned that the principal named therein will observe this code and police regulations of the city. Such application shall be submitted to the city commission and, if the city commission shall approve such application and location, it may order the issuance of the license. (Prior code § 18-1-3)