Before any license shall be issued under this chapter, there shall be filed with the city recorder a bond running to the city of North Bend in the sum of $1,000 executed by the applicant as principal and a corporate surety company authorized to do business in Oregon or two personal sureties upon whom service of process may be made in Coos County, Oregon, said bond to be approved as to form and responsibility of sureties by the city attorney and to be conditioned upon the compliance with the provisions of this chapter and guaranteeing that personal property will not be wrongfully received or disposed of by the licensee. Action may be brought in the name of the city on such bond to the use and benefit of the aggrieved person. Licenses for a second or subsequent year may be issued without a bond being filed if there have been no violations of this chapter or claims made for wrongful receipt or disposal of personal property during the preceding license year. (Ord. 1981, 2012; Ord. 1681 § 1, 1984; Ord. 1229 § 5, 1963. Formerly 5.12.050)