No permit for the moving of any building shall be issued unless the person applying therefor shall file with the City Clerk a bond in the sum of not less than $1,000, with one or more sureties approved by the Clerk, conditioned for the full compliance, by the person to whom such permit is issued and by his employees, agents and servants, with all the provisions of this subchapter and for the payment by him of all penalties incurred by him and all damages to public and private property or interests in this city caused by the moving of buildings; and shall deposit with said Clerk the sum of $20, the same to be held by the Clerk for application upon the payment of any damage to any street, avenue, alley, sidewalk, crossing, pavement or other public property in the city and for the payment of the work of an inspector as hereinafter provided.
('71 Code, § 4-21-2)