Before a regulatory license shall be issued to a secondhand precious metals or gems dealer, the applicant shall execute a satisfactory bond with a surety licensed to do business in Oklahoma payable to the city in the sum of ten thousand dollars ($10,000.00), conditioned upon the faithful compliance by the applicant, his or its servants, agents or employees with all applicable ordinances and laws, and conditioned further to indemnify and to save the city harmless from damages arising from the failure of the applicant, his or its servants, agents or employees to comply faithfully with all applicable ordinances and laws. Any person who obtains a judgment against any such applicant which is not satisfied may obtain an assignment of rights of the city upon said bond and may then bring an action thereof in any court having jurisdiction. (Ord. 536 §3, 1982)