No such permit shall be issued unless and until the applicant has filed with the Clerk-Treasurer a bond in the sum of $1,500 conditioned to indemnify the city for any loss, liability, or damage that may result or accrue from or because of the making, existence, or manner or guarding or constructing any such tunnel or excavation. Such bond shall have as surety a corporation licensed to do business in the state as a surety company.
(1995 Code, § 91.04) (Ord. 0007, passed 5-3-1982)