An approved business license shall be issued to the applicant upon payment of the first annual license fee and posting of a bond in the principal amount of fifty thousand dollars ($50,000.00), executed by the applicant as principal and by a good and sufficient corporate surety authorized to do business in California, in a form approved by the city attorney. The bond shall ensure good faith and fair dealing by the applicant and shall provide a guarantee of indemnity for any and all loss, damage or deprivation suffered by any patron of the applicant in the conduct of his business. (Ord. 1935 § 1, 1986: prior code § 2395)