A bond shall be required under this division with some reliable surety company to
be approved by the manager of public works and licenses in the sum of fifty thousand
dollars ($50,000.00), which bond shall be conditioned to comply with all requirements,
specifications and instructions of the manager of public works and all the requirements
of the Code and ordinances of the city, pertaining to opening, uncovering or laying
storm or sanitary sewers in the public way or in city owned property, including the
payment of all fees, penalties or cost of repairs.