Before any person, partnership or corporation is authorized, and before such written permit as above provided for is granted to open up or break into the streets, alleys, lanes, public ways and public grounds of the City, there shall first be deposited with the Clerk of Council by the person, partnership or corporation applying for such permit, a bond with good and sufficient surety to the approval of the Director of Law in the sum of one thousand dollars ($1,000), conditioned to secure and hold harmless the City against any and all damages arising from the opening or excavation so made in streets, public ways or public grounds of the City, and further conditioned to fill up, repave and place in good and safe condition, to the satisfaction of the Director of Public Service, all openings and excavations so made in the streets, public ways and public grounds of the City. An annual bond may be given under this provision on May 1 of each year, conditioned as above as to all openings and excavations made in the streets, public ways and public places by the principal in such bond during the term of one year from such date.