In addition, the applicant for the license required by this subchapter shall file and submit and tender with his application a good and sufficient bond in the penal sum of $500 payable to the city, with sureties to the approval of the Mayor, covering the period of the license as applied for, and all renewals thereof conditioned upon the faithful and honest performance by the applicant as his duties as a licensed electrician, and the observance and obedience to all the terms, conditions, rules, regulations and ordinances in force.
('79 Code, § 4-63)