No permit for any work described in Section 907.01 shall be issued until the person applying for such permit shall deposit the sum of twenty-five dollars ($25.00) in cash with the City Clerk as a guarantee that the work shall be completed within a reasonable time, and that the pavement or surface of the street, sidewalk, alley or other public way shall be replaced as provided by this article, subject to the approval, upon inspection, by the Street Commissioner or the City Engineer. (1967 Code §19-14)