(A) At the time of making the request under the provisions of the preceding section, the person desiring to make any opening or excavation shall also file a bond payable to the city in a sum of $5,000, or, as the Board of Public Works and Safety may designate.
(B) The bond shall be filed with the City Clerk-Treasurer and shall be conditioned to save the city harmless from any loss, cost or damage by reason of the proposed work and that the same shall be done in all respects in conformity with the requirements of this code and all other chapters of the city regulating the same; provided, however, that a single or continuing bond may be given to embrace all work of the petitioner for a period of time between the date of execution of the same and January 1, which bond shall be in the penal sum of $5,000.
(C) Provided, further, however, that any public utility operating under the jurisdiction of the Utilitory Regulatory Commission of Indiana may give an indemnifying agreement in lieu of the bond.
(1998 Code, § 7-71)