(1) An applicant, before being issued a permit hereunder, shall execute and file with the Mayor a surety bond, conditional on compliance with the foregoing regulations, in the amount of twenty thousand dollars ($20,000) per well up to a maximum of one hundred thousand dollars ($100, 000) per operator, The applicant may deposit with the Mayor, in lieu of a surety bond, cash, or the equivalent of cash, in the amount of the surety bond prescribed above. The surety bond provided for in this section shall be executed by a surety company authorized to do business in Ohio. The Mayor shall not approve any bond until it is personally signed and acknowledged by both principal and surety, or as to either by his attorney in fact, with a certified copy of the power of attorney attached thereto. The Mayor shall not approve such bond unless there is attached a certificate of the Superintendent of Insurance that the company is authorized to transact a fidelity and surety business in Ohio. All bonds shall be given in a form to be prescribed by the Mayor and shall run to the City as obligee.