No permit for the drilling or putting down of an oil or gas well shall be issued until the applicant has obtained and filed with the City Clerk a bond payable to the City, for the use of the City and any person interested, in the penal sum of not less than five thousand dollars ($5,000), that is conditioned upon such applicant's compliance with this chapter and that saves and keeps harmless the City from any claim or demand that may be made against the City arising out of the operations of such applicant. The permittee shall in all respects comply with the provisions of Sections 856.16 and 856.17 and no such permit shall be issued until the applicant has obtained and filed with the City Clerk public liability insurance in an amount of not less than fifteen thousand dollars ($15,000) and property damage insurance in an amount of not less than twenty thousand dollars ($20,000). All such bonds and insurance policies shall be issued and signed by a company which is authorized to do business in the State and shall be approved by Council. All such bonds and insurance policies shall be kept in full force and effect during the operations of the permittee and certifications showing such continual effectiveness shall be kept on file by such permittee with the City Clerk.
(Ord. 286. Passed 6-6-60.)