Upon the granting of a permit, the Council shall issue such permit upon the posting of a surety bond running to the Village, conditioned upon performance in accordance with its terms, in the amount of five hundred dollars ($500.00) for each acre or fraction thereof, and upon payment of a permit fee in the amount of fifty dollars ($50.00) per acre or fraction thereof. Such bond shall be approved by the Mayor. (1974 Code § 110.04)