No such permit shall be issued unless and until the applicant therefor has filed with the City Clerk a bond in an amount to be determined by the City Manager 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 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. (Prior Code, Sec. 19-14)