Every application for a license to engage in the business of junk dealer shall be signed and acknowledged before a Notary Public or other officer authorized to administer oaths in the Municipality.
Such application shall be accompanied by a bond to the Municipality, approved as to form by the Law Director, in the penal sum of one thousand dollars ($1,000.00) with a surety, or collateral security, approved by the Treasurer, conditioned for the due observance during the term of the license of all laws, ordinances, rules and regulations which are now in force or may hereafter be adopted by duly constituted authorities applicable to junk dealing.