No permit shall be issued unless and until the applicant has filed with the Clerk a bond in the amount of $10,000 conditioned to indemnify the town for any loss, liability or damage that may result or accrue from or because of the making, existence or manner of guarding or constructing any tunnel or excavation. The bond shall have a surety corporation licensed to do business in the state as a surety company.
(1996 Code, § 12.04.040)