In lieu of making either a general or special deposit or to supplement a general deposit not sufficient in amount, the applicant for an excavation permit may file an undertaking with the Director of Public Works in a penal sum as set by City Council resolution, executed by a corporation incorporated for the purpose of making, guaranteeing or becoming a surety upon bonds or undertakings and by the applicant, conditioned upon the payment of all fees and other charges required by this subchapter which may become due because of any permits issued during a period of not less than one year.
('64 Code, § 19-32) (Ord. 164, passed 12-20-60)