(A) The applicant shall file with the City Engineer at the time of making said application a bond in the sum of $1,000 with two sureties, which sureties shall schedule on the back of the bond real property with the value of twice the amount of said bond. However, in lieu of sureties the party signing the bond may place on deposit with the City Engineer or with some depository designated by him the sum of $1,000.
(B) Said bond given under the provisions hereof shall have one of the following requirements:
(1) Shall be good during the life of a permit granted.
(2) Shall be good for a period of one year with the surety of an approved surety company or surety corporation.
(3) Shall be good for a period of six months with two sureties other than an approved surety company or surety corporation.
('71 Code, § 9-1-3)