(a) Each person, company, or corporation, making bonds and charging therefor, within the City of Phenix City, for the release of persons held by the city shall be required as a part of the qualification to do business to post a cash deposit with the City of Phenix City or to take out a certificate of deposit payable to the City of Phenix City, in the amount of any bonds made by any such person, company, or corporation.
(b) The funds shall be held to guarantee the payment of all sums of money that may be due to the City of Phenix City by virtue of any judgment absolute being rendered against the person, company, or corporation as surety on any bond or bonds.