The bond required by Section 12.60.050 shall be approved by the City Attorney before filing with the Director of Inspection Services. If a recovery is had on said bond the said licensee shall immediately file a new bond in the same sum, and if they do not do so the said permit issued by the Director of Inspection Services shall be immediately ipso facto terminated and revoked. (Ord. 4089-NS § 1 (part), 1965: Ord. 1309-NS § 3 (part), 1927)