If the compensation and damages arising from any such taking, using and appropriating of private property cannot be agreed upon by the owners thereof and such cities, it shall be lawful for such city to tender the bond thereof as security to the party claiming or entitled to any damages, or to the attorney or agent of any absent person, or to the agent or other officers of a corporation, or to the guardian or committee of any one under legal incapacity, the condition of which shall be that the said city shall pay, or cause to be paid, such amount of damages as the party shall be entitled to receive, after the same shall be agreed upon or assessed in the manner provided by this act. In case the party or parties claiming damages refuse, or do not accept the security so tendered, the said city shall then give the party, his, or their agent, attorney, guardian or committee, written notice of the time when the same will be presented in the court for approval, and thereafter the said city may present said security to the court of common pleas of the county where the lands or other property are situated, and when approved, the said security shall be filed in said court for the benefit of those interested, and recovery may be had thereon for the amount of damages assessed, if the same be not paid, or cannot be made by execution on the judgment in the issue formed to try the question, and upon the approval of said security said city may proceed with the said work.
53 P.S. § 2552