(A) In addition to the license fee set forth in § 150.07, and before the license is issued, the applicant shall file with the Town Clerk a surety bond in the sum of $5,000, to be approved by the Town Board of Trustees.
(B) The conditions of the bond are that the principal in such bond will save the town harmless from all damage to all persons or property resulting from or in any way growing out of any opening or excavation made by himself, herself, his or her agents, servants or employees in any alley, street, public highway, sidewalk or curb; and further, that the principal shall pay any and all loss and damage occasioned by himself, herself, his or her agent, servant or employee, and that he or she will comply with all ordinances of the town.
(`85 Code, § 4-32)