No permit shall be issued for the performance of any work until the applicant shall have filed with the city a corporate faithful performance or license bond in the sum of $2,000. The bond shall be conditioned on the faithful performance of the work for which the permit is to be issued in accordance with the laws of the city and the state pertaining thereto. Public utilities shall be exempt from the requirements of this section.
(1994 Code, § 12.04.090)