Where the provisions of this Business Regulation and Taxation Code require that the applicant for any license or permit furnish a bond, such bond shall be furnished in an amount deemed adequate by the proper City officer, or, where the amount thereof is specified in this Code, in the amount so required. The form of such bond shall be acceptable to the City Attorney. In lieu of a bond, an applicant for a license or permit may furnish one or more policies of insurance in the same amounts and providing the same protection as called for in any such bond. Such policies of insurance shall be approved as to substance by the City official issuing such license or permit and as to form by the City Attorney.
(1974 Code Sec. 7.12)