§ 123.06. SURETY BOND.

Each applicant for a license shall, before the license is issued to the applicant, file with the City Clerk a bond, with a surety approved by the Council, in the penal sum of five thousand dollars ($5,000.00), conditioned that the applicant will comply with and observe the terms and conditions of all provisions of this Code of Ordinances relating to pawnbrokers or their business, will pay all costs, fines, and penalties incurred on account of the applicant’s failure to observe such provisions and will pay all damages resulting to any person by reason of the wrongful and knowingly purchase or receiving of any stolen property or property from any minor, which bond shall be approved by the Council and filed with the Clerk.