Hi there,
The low temperature is set to allow ozonolysis to take place, otherwise, the reaction intermediates would be too unstable to form, and the reaction would not take place. In addition, this low temperature is set to allow the gas dissolve in the solution (gasses dissolve better in low temperature). You stop the bubbling of ozone once the solution turns blue, because at that point the solution is saturated with ozone.
Ozone is not colourless, but blue, because of the movement of electrons through the molecule (the double bond is shifting positions constantly).