(1) If, as a result of transporting the building, the streets, alleys or other property of the city are damaged or if damage or costs result to a person occupying the streets or alleys by virtue of a franchise or otherwise, there shall be paid to the city by the person who transported the building a sum equal to the damage incurred. The amount received shall be placed in the proper fund of the city and the city shall pay the person damaged by the transportation of the building.

(2) If there is a failure of payment under subsection (1) of this Section by the person transporting the building, then the city may proceed to collect the amount of damages upon the bond furnished under the provisions of Section 9.531, in the manner provided by law.