Where a bond has been provided by a licensee described in Section 5.32.020 the city clerk-treasurer shall investigate all matters covered by the bond provision within twenty-four hours after licensee ceases operation under the license with particular attention to the payment of all admission taxes due the city. The city clerk-treasurer upon ascertaining that there has been no violation of the conditions of the bond shall immediately release or refund the bond as the case may be. (Ord. 1040 § 7(b), 1949)