At the time of filing an application for a drilling permit as required by this chapter, the applicant shall file with the city clerk a copy of the certificate of insurance issued by some corporate insurance company licensed to do business within the state, evidencing current insurance of the owner, his driller, agents and employees, conditioned for the payment of all damages due to injury to persons or damage to property resulting from the drilling, operation or maintenance of the proposed well, or any structure, machinery, equipment, pipelines or appurtenances used in connection therewith, in an amount not less than five hundred thousand dollars ($500,000.00). Such policy shall further provide that it cannot be cancelled until thirty (30) days' written notice of such cancellation shall have been given to and filed with the city clerk. Such applicant shall further deposit with the city clerk cash or a corporate surety bond in the sum of ten thousand dollars ($10,000.00), executed by some insurer licensed to assure restoration of the land and plugging of such well upon its abandonment according to the rules and regulations and under the supervision of the state oil and gas conservation commission and pursuant to this code and other ordinances of the city. Such sum shall be forfeited to the city in the event of any substantial violation or noncompliance by the owner or driller, or his agents or employees, with the provisions of this chapter pertaining to the abandonment of such well otherwise, the same shall be refunded or returned in full to such applicant upon abandonment of the well operation. (Ord. 81-10, 5-4-1981)