Before the street commissioner shall issue any such permit such applicant shall designate the exact location where he or it proposes to open any street or alley and shall leave on deposit with the street commissioner the sum of fifty dollars ($50.00) by way of cash bond for the use and benefit of the street department of the city. Such cash bond shall be conditioned that the applicant will replace such street or alley in the same condition as prior to opening in the manner as provided in the specifications herein adopted and approved for replacement of street and alley openings. (1953 R.C.)