Except as provided below, no person shall break, cut or otherwise compromise the surface and/or integrity of any street or sidewalk within the first two years after its construction and installation. For the period commencing with the third year through the seventh year, any person proposing to cut, penetrate or compromise the integrity of the surface of any street or sidewalk shall conduct its operations only in accordance with a master use permit or encroachment permit and shall provide a city performance bond sufficient to replace the street or sidewalk surface to its original condition. Such bond shall be provided in accordance with the city provisions of any franchise, master use permit or encroachment permit when in the discretion of the city engineer a particular project poses a significant risk of the impairment of the normal useful life of the street surface. Insurance and indemnity shall be provided in accord with the requirements of GHMC 12.02.030(D) and (E). The city, at its sole discretion, may permit installation of facilities underneath a street or sidewalk during the initial two years after construction and acceptance by the city by a permittee: