Before the issuance of a yearly license, the contractor shall obtain maintenance and construction bond in the amount of five thousand dollars ($5,000.00). Said bond shall be 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 construction of any such tunnel or excavation. Such bond shall have as surety a corporation licensed to do business in the state as surety company. In lieu of a corporate bond, a deposit of five thousand dollars ($5,000.00) in a certified check or cashier’s check, as security deposit, shall be deposited with the City of Kenai. (Ord. 479)