§ 111. Undertaking. Every person applying for such license shall, before the same is granted, execute and file with the clerk of the local governing body of a county or city his undertaking with one or more sureties, approved by such local governing body, to the effect that he will attend such ferry with sufficient and safe boats and other implements, and so many persons to work the same as shall be necessary during the several hours in each day, and at such rates as such local governing body shall direct.