Within thirty days of the effective date of the ordinance codified in this chapter, the grantee, at its expense, shall obtain, shall file with the city clerk, and, unless otherwise authorized by the council, shall maintain throughout the term hereof, a surety bond in the penal amount of twenty thousand dollars, in a form and with such company as shall be reasonably satisfactory to the city. (Ord. 93-03 §14 (part), 1993)