(A) All contractors doing business within the limits of the city shall be required to execute and deposit with the city a license and permit bond on forms as provided by the city, such forms hereby are made a part of this chapter, annually on or before February 1, which shall be in the amount of $10,000 or 5% of the contract amount in the case of a general contractor, whichever is greater amount; and $1,000 or 5% of the contract amount, whichever is the greater amount in the case of subcontractors.
(B) This license and permit bond shall be required in all cases of contractors doing business within the limits of the city with the following exceptions:
(1) Owner of an existing single-family dwelling performing work within the dwelling; and
(2) Those persons performing contracting work, the aggregate amount for which is less than $500.