No such permit shall be issued unless and until the applicant therefor has filed with the clerk a bond in an amount required by the city council 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 or excavation. Such bond shall have as surety a corporation licensed to do business in the state of Illinois as a surety company. (Prior code § 33-3-5)