In cases where the City has granted or may grant revocable permits to a railway company or other public utility for the use of streets, alleys, or public places, the grantee, instead of filing a bond or bonds for the faithful performance of the conditions and obligations in any permit prescribed, may file with the City Auditor its written undertaking in the penal sum of $5,000, without sureties, duly executed by the company under its corporate seal, in which it will undertake generally and agree to keep and perform the duties, obligations, and conditions of all revocable permits for the use of public streets, alleys, or public places then held or that may be granted to or held by it, and particularly that it will comply with all requirements for paving, repairing, or otherwise improving streets and sidewalks and for the removal of its property and restoration of the portions of the streets, pavements, or sidewalks, according to the terms and conditions of the permits respectively.