Said bond shall be conditioned that all work shall be done in a good and workmanlike manner, and that such person, firm or corporation shall faithfully and strictly comply with the specifications and with the terms of such ordinances, resolutions or regulations that may be passed by the governing body governing and relating to the construction, reconstruction or repair of sidewalks, curbs, gutters or driveway approaches, and that the city shall be fully indemnified and be held whole and harmless from any and all costs, expenses or damage, whether real or asserted, on account of any injury done to any person or property in the prosecution of said work or that may arise out of or be occasioned by the performance of said work. Said bond shall be conditioned further that the same person, firm or corporation shall, without additional cost to the person for whom the work was done, maintain all such construction for a period of one (1) year from the date of such construction, reconstruction or repair, to the satisfaction of the city manager at any time within one (1) year after the construction, reconstruction or repair of such facility, and after ten (10) days' notice from the city manager to reconstruct or repair the same, and the opinion of the city manager as to the necessity of such reconstruction or repair shall be binding on the parties thereto, which bond shall for such purpose be in force for one (1) year after the construction, reconstruction or repair of such facility, and one recovery shall not exhaust said bond, but such bond shall be a continuing obligation against the sureties thereon until the entire amount therein provided for shall have been exhausted. In case the bond herein provided for shall be decreased on account of any recovery which may be obtained, arising out of the violation of any condition of the same, the governing body shall require, upon notice to it of such fact, an additional bond to be given by any person, firm or corporation in accordance with this article in an amount sufficient, when added to the unexhausted amount of the original bond, to be at all times equal to the sum of five thousand dollars ($5,000.00). The city may, for itself or for the use and benefit of any person injured or damaged by reason of any defective construction, reconstruction or repair of any sidewalk, curb, gutter or driveway approach by any person, firm or corporation, maintain suit on said bond in any court having jurisdiction thereof, or suit may be maintained thereon by any person injured or damaged by reason of the failure of any person, firm or corporation who shall construct, reconstruct or repair any sidewalk, curb, gutter or driveway approach in the city to observe the conditions of said bond; provided, however, that nothing in this article shall affect the bond of any person, firm or corporation now engaged in constructing, reconstructing or repairing such facilities which have already been executed in accordance with the terms of the existing city ordinance, nor shall this be construed to in any manner diminish the liability of any surety or principal on said bond. No person, firm or corporation having a bond to construct, reconstruct, alter, repair, remove or replace sidewalks, curbs, gutters or driveways on public property within the city shall be permitted to take out a permit for the reconstruction, alteration or repair of any such facility on any public property within the city and allow any person other than the bona fide holder of such bond to do any of the work. No permit for the reconstruction, alteration or repair of any sidewalk, curb, gutter or driveway on any public property within the city shall be granted unless the one-year maintenance bond provided for herein shall be in full force and effect at the time of request for such permit and the doing of the work. A certificate of general liability insurance may be substituted in the amount of one million dollars ($1,000,000.00) with the approval of the code official.