All applicants for a license under this subchapter shall file with the Board of Public Works and Safety a bond in the penal sum of an amount as set by the city from time to time with good and sufficient surety to be approved by the Board and conditioned that the work will be according to plans and specifications, the rules and regulations of the Board, and all requirements of this code and ordinances of the city, which bond shall inure to the benefit of both the city and the person for whom the work is being done, and shall indemnify and save the city harmless from any liability arising out of the work.
(Prior Code, § 115.087) Penalty, see § 10.999