A person who has been issued a plumber's license shall execute and deposit with the Auditor, a bond in the sum of two thousand dollars ($2,000). Such bond shall be conditioned that all plumbing work performed by the licensee or under his supervision shall be performed in accordance with the provisions of this chapter and that he will pay all fines and penalties properly imposed upon him for violation of the provisions of this chapter. A plumber's license shall not be valid unless a bond is executed and deposited as herein provided.