All master electricians and restricted master electricians registered under this code shall be required to furnish and to keep in force each year during the life of their certificate of registration a surety bond to the city in the sum specified in § 151.072. The bond shall be conditioned that the holder thereof will indemnify and hold the city harmless against all cost, expenses, damages and injuries sustained by the city by reason of the carelessness or neglect of said person in operating under this code. All such bonds shall be approved by the City Attorney as to form and shall be filed with the Chief Electrical Inspector.
(`87 Code, § 30-49)