Every person to whom a license shall be granted to carry on the business of pawnbroker shall, annually, enter into a bond to the City, with good and sufficient security, before a pawnbroker's license shall be issued, in the sum of one thousand (1,000) dollars conditioned that he will duly observe all laws and ordinances that are in force or may be passed respecting pawnbrokers. (Prior code § 11-11-003)