As an additional condition precedent to the issuance of these permits, the Board may require the filing of proof of liability insurance on behalf of the applicant, or in the event the applicant does not carry this insurance, the Board may require a bond, in the sum as the Board finds appropriate, under the circumstances, having regard to the work to be performed, with surety to be approved by the Board of Public Works and Safety, to indemnify the city against any loss arising because of the injury or damage to any person or property due to the negligence or fault of the permit holder or his or her agents, in the work being performed under the permit, provided that, in lieu of individual bonds, persons, firms, or corporations regularly engaged in this work may post an annual bond, of the same terms, with the City Clerk-Treasurer.
(1987 Code, § 7-29) (Ord. 1581, passed 12-22-1969)