The grantee of the franchise shall file a bond, running to the city, with at least two (2) good and sufficient sureties, to be approved by the legislative body thereof, in a penal sum of one thousand dollars ($1,000.00), conditioned that the grantee shall well and truly observe, fulfill and perform each and every term and condition of the franchise, and that in case of any breach of condition of such bond, the whole amount of the penal sum therein named shall be taken and deemed to be liquidated damages and shall be recoverable from the principal and sureties upon the bond. The bond shall be filed with the legislative body of the city within five (5) days after the date of the granting the franchise; and in case the bond shall not be so filed, or shall not receive the approval of the legislative body, the franchise shall be forfeited and any money paid to the city in connection therewith shall likewise be forfeited. (Ord. 825 § 7, 1941)