Each applicant for a liquor license shall execute and deliver to the city a bond in the penal sum of $5,000 running to the city as obligee, with two good and sufficient sureties, or a reputable surety company. Such bond is to be approved by the Mayor and City Council, conditioned that such applicant shall at all times keep a good, orderly house and observe and comply with the ordinances of the city, and that such applicant shall pay all fines, penalties, and costs which such applicant may incur for any violation of this section. Such bond is to be signed and executed in the presence of the City Clerk, and shall be filed in his or her office. Any violation of any of the provisions of this section or of any amendment thereto, or any breach or violation of any other of the ordinances or of the conditions or provisions of the bond, shall work and be a forfeiture of the penalty thereof, the full amount of which shall be recovered by the city in an action of debt.
('72 Code, § 111.005) Penalty, see § 10.99