Every person, firm or corporation applying for a permit under this chapter shall submit with his application a bond in the sum of fifty thousand dollars ($50,000.00), conditioned on his compliance with all the provisions of this chapter, and agreeing to pay, and holding the city harmless from any claim which may be made against it by reason of the occupation of any street, sidewalk, alley or other public place by the building or structure moved. (Prior code § 33-6-3)