Prior to the issuance of a security patrol license, the applicant shall furnish and, at all times while the license is in force, shall maintain a surety bond in favor of the city for the benefit of the city and all persons who are damaged or may be damaged as a result of any action or omission of the applicant or the applicant’s agents or employees in the conduct of the security patrol business, issued by an authorized corporate surety in the amount of not less than ten thousand dollars.