Each applicant for a permit, in addition to the payment of the issuance fee, shall deposit with the City Engineer a sum of money in no event less than ten dollars ($10.00), which is twice the estimated cost to the nearest five dollars ($5.00) for repairing the surface of the street(s) which may be damaged or destroyed by the proposed excavation or obstruction, provided, however, that where a faithful performance bond is posted which guarantees to the City the repair of the street(s), including construction financed in whole or in part by special assessments, no deposits for repairs shall be required of applicant.