Any person constructing or repairing any privately-owned well on city-owned property shall furnish a corporate surety bond in the sum of ten thousand dollars to be approved by the city council, which bond shall contain the condition that the applicant shall defend, save, keep harmless, and indemnify the City from all liability, claims, damages, judgments, costs, and expenses of every nature and description caused by or growing out of the making of any excavation, hole, or trench in any street, highway, alley, or thoroughfare, including the pavement, sidewalk, and sidewalk space in the City, the opening or removal of any pavement or any sidewalk surface, the placing of any obstruction, barricade, material, equipment, or apparatus of any nature in the street, highway, alley or thoroughfare, including the sidewalk and sidewalk space, the failure to properly protect any excavation, hole, or trench in any street, highway, alley, or thoroughfare, including the sidewalk or sidewalk space, the installation of any stop box in any street, highway, alley, or thoroughfare, including the sidewalk and sidewalk space, and any and all negligence on the part of such person or his agents, servants or employees, in the use and occupancy of any street, highway, alley, or thoroughfare, including the sidewalk and sidewalk space, in any manner or nature whatsoever while engaged in the construction or repair of such wells; provided, that any person who shall have undertaken to indemnify the City as a licensed plumber shall not be required to furnish any additional indemnity bond.