Before the Common Council shall grant any permit as provided in § 150.26, the person applying for such permit shall file with the Clerk-Treasurer his or her application for such permit, in which he or she shall particularly describe the route over which such house, barn, shed or other building is to be moved, along with his or her bond in the sum of $500, conditioned that such person shall indemnify and save harmless the city and all persons from any and all damages, costs and expenses that may accrue by reason of the moving of such house, barn, shed or other building. The bond shall be signed by two resident freeholders of this county or by any trust or bonding company operating under the laws of the state. The bond shall be approved or disapproved by the Common Council of the city.
(`94 Code, § 150.31)