Each applicant shall file a bond or policy in the amount of one hundred thousand dollars ($100,000.00), with sureties to be approved by the mayor and city council, conditioned to indemnify the city from any loss or damage resulting from the work undertaken or the manner of doing the same, unless waived by the mayor and two (2) members of the appropriate committee. (1967 Code § 12.103; amd. 2010 Code)