No permit for excavation shall be issued unless the applicant has on file with the city and in full force and effect a bond in an amount specified by the City Council with surety to be approved by the City Council, conditioned upon completion of the work in accordance with applicable plans, specifications, and regulations and sufficient insurance to indemnify the city against any and all loss or liability resulting from the making of such excavation continuing for at least one year after the completion of construction.
(‘69 Code, § 23-46) Penalty, see § 52.99