An applicant for a liquor license shall, at the time of application, execute and deliver a bond in the penal sum of $500 to the village as obligee, conditioned for the faithful performance of this chapter and the payment of all fines and penalties by reason of the violation hereof, with security to be approved by the President or such other person delegated by him or her to approve the same. The bond shall remain in full force and effect during the term of the license.
('79 Code, § 2120)