It is hereby made the duty of all contractors or builders to furnish a bond in such sum as may be designated by the board of trustees for the faithful performance of all work done under this chapter, and before any contractor or builder undertakes to do any work as provided under this chapter, he shall first obtain a permit from the city council, or the mayor, and before such permit is issued, such bond as named in this section shall be given with good and sufficient sureties for the faithful performance of such work as such contractor may do and perform under this chapter. (Ord. 12-03, 2012)