No license as is provided for in Section 1731.04 shall be granted to any person not residing in the state or to any person having his principal place of business outside the state, or which is incorporated outside the state, until such person shall have furnished and filed with the City a bond payable to the City, with surety approved by the city and in form approved by the City, in the sum of two thousand five hundred dollars, conditioned that such licensee shall fulfill all requirements of law and observe and obey all the requirements of this article. Such bond shall remain in full force and effect so long as any obligations of such licensee to the City shall remain unsatisfied.