Each applicant for a permit under the provisions of this subchapter shall furnish a good and sufficient indemnity bond in the sum of $5,000.00 with corporate surety payable to the city and conditioned that the temporary use of the streets, alleys and ways of the city will be used in accordance with the conditions set forth in the application for the permit. Such bond shall be filed with and approved by the City Secretary.
(`87 Code, § 29-66)