No permit shall be issued unless and until the applicant therefor has filed with the City Secretary a bond in the sum of $50,000 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 of constructing any excavation. The bond shall have as a surety a corporation licensed to do business in the state which is approved by the City Attorney.
(Ord. 440, passed 11-13-1984)