Before any permit is issued by the City Manager, the applicant for such permit shall deposit with the City Manager, or his or her designee, an amount sufficient as estimated by the City Manager, or his or her designee, to cover the cost of replacing such paving, curb, or sidewalk. Such deposit shall be retained by the city for the purpose of replacing such paving, curb, or sidewalk in case such work is done by the city. In case the City Manager, or his or her designee, elects to require the applicant to replace such paving, curb, or sidewalk, said deposit shall be retained by the city until said work is completed to the satisfaction of said City Manager, or his or her designee.