Each applicant for a permit required by this subchapter shall file a bond in the amount and with surety to be approved by the City Council, conditioned to indemnify the city for any loss or damage resulting from the work undertaken or the manner of doing the same; however, if the city has secured a blanket policy to cover this risk, then no such bond shall be required.
(1969 Code, § 22-4) Penalty, see § 96.999