(a) No permit authorized in this article shall be issued until the applicant has given to the city a good and sufficient bond in the sum of $5,000 conditioned that the applicant will faithfully comply with all the terms and conditions of this article, and will indemnify and hold the city harmless against all costs, expenses, damages and injuries by persons or by the city sustained by reason of the carelessness or negligence of the permit holder. No bond for this purpose shall run for longer than two years without being renewed. The bond shall remain in full force and effect as to each excavation for two years after the same has been made or completed.
(b) Any utility operating under a franchise or a contractor under contract with the city for municipal improvement shall not be required to give bond as provided in division (a) above.
(c) Each bond given under this section shall be approved by the City Attorney and filed with the City Clerk.
(1987 Code, § 13-102)