No such permit shall be issued unless and until the applicant therefor shall have filed with the City Clerk a bond in the sum of $5,000, conditioned to indemnify the city for any loss, liability or damage that may result or accrue from or because of the making, existence or manner of guarding or constructing any such tunnel, excavation or street cut. The bond shall have as surety a corporation licensed to do business in the State of Michigan as a surety bond company.
(1990 Code, § 4.5)