Each person maintaining such a sign shall file with the City Clerk a bond or indemnity policy in the sum of $50,000, conditioned to indemnify the city for any loss or damage or liability that may result from the construction or maintenance of such sign or canopy. Such bond or indemnity policy shall have such sureties as may be approved by the Mayor and Council; provided, that if the city shall have a public liability policy covering all signs in the city, then no such bond shall be required.
(1974 Code, § 4-3-2)