It shall be unlawful for any person to engage in the business of auctioneering without first obtaining from the City license department a business license in the name of the auctioneer. Such license shall not be transferable nor shall the license be granted to any firm, organization, corporation, etc., other than the person actually conducting the auction. Such bond shall be made payable to Provo City with corporate surety in the sum of one thousand dollars ($1,000.00) conditioned on the faithful observance of all laws, the Provo City Code and other ordinances of the City including all performances required herein with such performance going to and for the benefit and protection of all persons dealing with such auctioneer against fraud, deception and imposition, said bond to be approved by the City Attorney and filed with the City Recorder. The bond may be an ongoing bond for a period of not to exceed one (1) year between renewals.