All permittees obtaining a permit under this chapter shall deposit with the city, prior to commencing work on the project, a surety bond in the sum of ten thousand dollars ($10,000.00) or a corporate performance bond in the case of a public utility directly regulated by a federal or state public utilities commission. The city engineer may require a bond in a larger amount if, in his determination, the risk of liability to the city is of a greater amount than the minimum bond requirement. (Ord. 363 §2, 1991)