It shall be unlawful to make any excavation in or tunnel under any public street, alley, sidewalk or other public place in the Village without having first secured a permit therefor. Applications for such permits shall be made to the Village Clerk, and shall specify the intended location and purpose of the excavation. No permit shall be issued until the applicant has given the Village a bond with adequate surety, indemnifying the Village for all liability arising out of said excavation or tunneling. (1987 Code § 7-1-5)