The use of streets for the storage of materials in the process of construction or alteration of a building may be granted where the same will not unduly interfere with traffic and will not reduce the usable width of the roadway to less than eighteen (18) feet; provided, that no portion of the street other than that directly abutting on the premises on which work is being done shall be used, except with the consent of the owner or occupant of the premises abutting on such portion. Any person seeking to make such use of the street shall file an application for a permit therefor with the city clerk, together with a bond with corporate sureties to be approved by the city council, to indemnify the city for any loss or damage which may be incurred to it by reason of such use and occupation. (Prior code § 5-4-1)