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   (Amended by Ord. No. 133,054, Eff. 10/27/66.)
   (a)   Every applicant for a single trip, thirty day or annual permit to move any overload over any public street or place within the City shall post and maintain with the Board before the permit is issued a policy of property damage insurance or a bond in the amount of not less than $10,000 or in such greater amount as the Board deems satisfactory. Such policy or bond shall be first approved by the Board and shall be conditioned that the permittee will pay any and all loss or damage sustained by or done to any public property as a result of the movement of such overload, and the City shall be indemnified for any such loss or damages.
   (b)   If the policy of property damage insurance or bond is insufficient to pay such costs, the balance may be recovered by the City from the permittee in any court of competent jurisdiction.