By reason of the extensive lines, pipes and conduits within the City, a contractor or a public utility firm may, at his, her or its option, be exempted from that part of Section 1024.02 which requires a cash, certified check or postal money order security deposit. If such contractor or public utility firm elects to be so exempted, then it shall forthwith deposit, with the City, a performance bond in the sum of not less than five thousand dollars ($5,000), with a corporate surety acceptable to the City, to ensure the restoration to its original pavement condition of any street, sidewalk space, sidewalk, alley or public way which may be excavated under a permit issued as provided for in this chapter.