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Any person desiring to locate, sink or drill a well for oil and gas in the City shall, before beginning the sinking or drilling of such oil or gas well, file with the City Manager or his or her authorized representative a written application for permission to do so. Such application shall set forth the exact location of the well by giving the legal description of the property on which the well is to be drilled; if upon platted land, the lot number or fraction thereof and the name of the plat; if upon unplatted land, the section, fraction of section, township and range thereof; the distance of the proposed well from the nearest property lines and the distance in two directions to the nearest building or buildings; the purpose for which it is to be sunk or drilled; the intended depth of the well; and such other information as is required by Council. Such application shall be signed by the owner of the proposed well or his, her or its authorized representative. Such application shall also be accompanied by a bond in the sum of one million dollars ($1,000,000), with a surety or sureties to be approved by Council, for the purpose of indemnifying the City and all adjacent property owners for any loss, damage or harm occasioned by the sinking or drilling of such well or its operation, whether the same is occasioned by reason of negligence of the driller or operator thereof or otherwise.