Each person, firm or corporation that engages in the work of laying, relaying or repairing sidewalks upon the City streets shall, before engaging in any such work or employment, make a cash deposit of twenty- five dollars ($25.00). Interest at the current rate being received by the City on its deposits, will be allowed on January 1 and July 1 of each year on the cash deposit provided for herein, providing the same has been in the City Treasury for a period of six (6) months next preceding the dates. Each person, firm or corporation shall give bond to the City of five hundred dollars ($500.00) for each fifty thousand (50,000) square feet of sidewalk estimated to be laid, relaid or repaired, or for any fractional part thereof, on condition that the City shall be saved harmless from any loss or expenditure in any manner arising from the conduct of such persons, firm or corporation, in the work of laying, relaying or repairing sidewalks, and from any loss or damage which may arise by reason of any obstructions, excavations, barriers, guards or other objects or materials placed or deposited in the street during the progress of the work, or the expense of removing the same and cleaning the street or sidewalk, and from any loss or damage arising from any acts, negligence or default of such persons, firm or corporation, and conditioned further upon the sidewalks so laid, relaid or repaired remaining in good condition to the satisfaction of the Director of Public Service, for a full period of two (2) years from the year of the laying, relaying or repairing sidewalks, and conditioned upon such person, firm or corporation immediately upon the appearance of any defects, disintegration or fault in such sidewalks appearing and due to any acts, omissions or default of the one laying the same, being immediately repaired and restored to a good and proper condition to the satisfaction of the Director, as to such defects as may appear at any time within two (2) years of the year of laying, relaying or repairing of the sidewalks. The bond and deposit shall cover all of the foregoing matters which may arise or be occasioned at any time within two (2) years of the calendar year within which such work is done. Before any person, firm or corporation who is entitled to lay, relay or repair sidewalks, as herein provided, undertakes to do the work of such laying, relaying or repairing they shall procure from the Director a permit to do such work in the public streets of the City. The application for the permit shall specify the owner of the property in front of which the sidewalk is to be laid and the probable time of beginning and finishing the work of laying, relaying or repairing such sidewalks. A separate permit shall be required for each continuous stretch of sidewalk to be laid. The cash deposit, less any expense which may have been charged against the same by the City, shall be returned whenever the person, firm or corporation entitled to lay, relay or repair sidewalks and having made such deposit, in accordance with the provisions herein prescribed, has signified in writing to the Director the intention of no longer engaging in such work.