Each person desiring a license under this chapter shall execute a penal bond in form and with a corporate surety satisfactory to the Village President, conditioned upon the faithful observance of the provisions of the laws of the State and of this chapter and the ordinances of the Village, such bond to be in the penal sum of one thousand dollars ($1,000.00) and shall, upon approval, be filed in the Office of the Village Clerk. (1979 Code § 3-4-6)