(a) Where the provisions of the Codified Ordinances require that the applicant for any license or permit post a bond, such bond shall be furnished to the City Clerk, except that bonds conditioned on the payment of license or permit fees shall be filed with the City Treasurer. Such bond shall be in the amount specified by this code, or, if no amount is specified, then it shall be such amount as shall be deemed sufficient by the officer whose certification is required, or the City Licensing Officer. Bonds shall be payable to the City for the use and benefit of persons intended to be protected thereby, and unless otherwise provided, shall be conditioned on the payment of any damage to public or private property, and the payment for any personal injuries or damages or losses resulting from any malfeasance, misfeasance, nonfeasance or negligence in connection with any of the activities or conditions for which the license or permit applied for is granted.
(b) In lieu of such bond, an applicant may furnish one or more policies of insurance in the same amount and providing the same protection. Bonds and insurance policies shall be approved as to substance by the officer whose certification is required, or by the City Licensing Officer, and as to form and legality by the City Attorney. The City Licensing Officer or other proper officer concerned may require corporate sureties on such bonds.
(1977 Code Sec. 31.08)