The application mentioned in Section 749.05 shall be accompanied by the amount of the license fee in money to the beginning of the next license year, where such license is required by Section 749.01, and also a bond payable to the City in the sum of five hundred dollars ($500.00) conditioned that the applicant will carry on business in conformity with the laws of the State and with this article or such ordinances as may be in existence during the term of the license and he shall pay all such fines and costs as may be assessed against the licensee for any violation of this article or of any ordinance. (1947 Code §16.6)