A. Bond Required; Amount: Every applicant, at the time of filing its application, shall also submit a bond in favor of the city in the amount as established by the city's fee schedule and executed by the applicant and a corporate surety authorized to do business within the state and conditioned that the applicant shall:
1. Repair immediately any damage to paving, sidewalks, streets, alleys, curbing, parking, sewers or other public property arising out of any work relating to the well, all in accordance with the requirements of the city and its authorized representative and under his supervision;
2. Pay all fees and sums due the city hereunder and comply and abide by the ordinances of the city and laws of the state; and
3. The city council may increase or reduce the amount of such bond required at or after the issuance of such permit.
B. Lapse Of Bond; Operation Suspended: In case any bond required herein shall lapse or become void for any reason whatsoever, the permit issued under the terms of this chapter shall immediately become inoperative and void until a new bond shall be provided and filed with the city clerk or the existing bond reinstated in full force, and such well shall be shut down and all operations and production thereof suspended and discontinued until the filing of such new bond or reinstatement of such existing bond. (1985 Code § 5-904)