Any applicant to whom a permit is to be issued under the provisions of this chapter shall submit to the city tax and license collector a corporate surety bond satisfactory to the city, payable to the city, in the penal sum of one thousand dollars conditioned upon compliance with the provisions of this chapter. No permit shall be issued unless and until such bond has been filed with such officer of the city. (Ord. 850 NCS §1; prior code §5.37.)