Upon vote by a majority of Council that an application for a permit be granted, the Clerk-Treasurer shall issue the permit applied for, provided however that prior to issuance, the Clerk-Treasurer shall be provided with a policy or a certificate of insurance, covering the applicant's liability for property damage in an amount of not less than three hundred thousand dollars ($300,000) and the applicant's liability for personal injury in an amount of not less than three hundred thousand dollars ($300,000), which insurance policy or policies must be maintained for such period of time as drilling is in process, the well is in operation or is producing oil and/or gas, or until such well is pulled and plugged as hereinafter provided. Such insurance policies and the coverages thereunder must be to the complete satisfaction of Council and such policies may be rejected by Council for any valid reason, and such rejection of the insurance policies by Council shall serve to stay the the granting of a permit heretofore approved by them until such time as an insurance policy providing coverage entirely satisfactory to Council has been provided by the applicant.
All applicants shall be required to prove that insurance policies required by this section provide coverage where this is a "blowout" in the drilling of an oil and/or gas well, and also cratering liability coverage.
(Ord. 36-1964. Passed 10-5-64.)