(A) No permit shall be issued to any person permitting or allowing the obstruction, tearing up, removing or repairing of any sidewalk, street, alley, any other public place or any part thereof, until the person making application for the permit shall first have executed to the village a good and sufficient bond in the amount of $5,000, with sureties to be approved by the Board of Trustees, conditioned on that person agreeing: To indemnify, save and keep harmless the village from any and all loss, cost, damage, expense or liability of any kind whatsoever which the village may suffer or which may be recovered against the village from or on account of the issuance of the permit to obstruct, tear up, remove or repair any sidewalk, street, alley, any other public ground or part thereof and from or on account of any act or thing done by the permittee or permitted by the permittee and from or on account of any negligence or omission of the permittee in the obstruction, tearing up, removal or repairing of any sidewalk, street, alley, any other public ground or part thereof.
(B) In the event any proposed work may appear to subject the village to the possibility of any greater liability than $5,000 the Board of Trustees may require the amount of the bond to be increased to an amount sufficient to protect the village against any such loss, cost, damage or expense.
(C) If any licensed plumber shall have given a licensed plumber’s bond to the village, the bond shall be taken as a satisfaction of the requirements of this section, except in cases where the Board of Trustees shall for cause consider the amount thereof insufficient as provided in division (B) above.