(A) It shall be unlawful to maintain or erect any gasoline pump or tank in any public street, alley or sidewalk without having first secured a permit therefor from the President and Board of Trustees.
(B) No such permit shall be issued until the applicant furnishes a bond to indemnify the village against loss or liability in the sum of $50,000 for any such loss or liability occasioned by such tank or pump.
('52 Code, Ch. 9, Art. 1, § 15) Penalty, see § 10.99