All licensees shall be required, before issuance of a license hereunder, to deposit with the business license officer a surety bond in the penal sum of one thousand dollars ($1,000.00) conditioned that the licensee shall faithfully observe and comply with all ordinances and laws pertaining to locksmithing and key duplicating and that the bond shall indemnify the city and any person injured or damaged by reason of the failure of the licensee to so comply. (Ord. 2002-1-002, 1-3-2002)