Any person, firm, partnership, club, association, corporation or company as aforesaid, desiring a license under the provisions of this liquor code, shall execute a penal bond in form and with security satisfactory to the mayor, which bond shall be conditioned upon the faithful observance of the provisions of the laws of the state of Illinois, the codes and ordinances of the city, and the terms of any agreement between the mayor (as the city’ s liquor control commissioner) and the licensee with regard

to the issuance of the liquor license. Such bond shall be in such sum as shall be determined by the mayor, which sum shall not be less than one thousand dollars ($1,000.00) nor more than ten thousand dollars ($10,000.00) and shall, upon approval by the mayor, be filed in the office of the city clerk. (Ord. 1109 § 1, 1993: prior code § 21-2-8)