The said companies shall, before exercising any privileges under this subtitle, enter into a bond in the sum of $10,000, with good and sufficient securities to be approved by the Mayor and Comptroller, conditioned that the company or companies exercising the privileges granted by this subtitle will faithfully perform the obligations imposed upon it or them, respectively, thereby. City Code, 1893, art. 48, §94 1927, art. 28, §23 1950, art. 22, §18 1966, art. 17, §18 1976/83, art. 17, §17 Ord. 1889-041