(A) Any permittee, except a public utility corporation or a bonded plumber, shall file with the City Clerk a performance bond or payment in an amount set by state statute, conditioned that the permittee will, as a minimum:
(1) Perform work in connection with the excavation in accordance with applicable ordinances and resolutions;
(2) Indemnify the city and hold it harmless from all damage caused in the execution of such work; and
(3) Pay all costs and damages suffered by the city by reason of the failure of the permittee to observe the terms of applicable ordinances and regulations because of negligence in the execution of the work.
(B) The City Council reserves the right to impose further conditions upon the permittee; the conditions shall be agreed to by the permittee before the permit is issued.
(C) The bond shall be approved as to form legality by the City Attorney. Any permittee, except a public utility corporation, shall furnish proof that the permittee has in existence and insurance policy protecting him or her from liability to the public, including the city, to any amount equal to the maximum claim the city might be required to pay under M.S. Ch. 466, as it may be amended from time to time.