Whenever any city shall exercise the power of eminent domain for any of the purposes of this act, it shall not be necessary for such city to give or tender security for the taking, injury or destruction of property, but the funds raised or proper and lawful to be raised by the power of taxation in such city shall be pledged, and are hereby made security, to the owner or owners of property so taken, injured or destroyed, for all damages which they may sustain on account of such taking, injury or destruction, and such city shall not be required to give or tender any further security or to give or tender any bond or bonds whatsoever.
53 P.S. § 24133