(a) All contractors and subcontractors shall be required to furnish a bond in the amount of $1,000.00 payable to the city prior to the issuance of an occupational license as provided in F.S. § 489.131(3)(e).

(b) No license shall be issued to any contractor, general or otherwise, unless the applicant shall first present to the city a certificate showing the applicant to be insured for general tort liability in the amount of not less than $100,000.00 to any one person, $300,000.00 for any one accident and $25,000.00 for property damage.