No such permit shall be issued unless and until the applicant therefor has filed with the Clerk a bond in the sum of $50,000, conditioned to indemnify the village for any loss, liability, or damage that may result or accrue from or because of the making, existence, or manner of guarding or constructing any such tunnel or excavation. Such bond shall have as surety a corporation licensed to do business in the state as a surety company. The Village Board may waive the bond provided for herein.
(Prior Code, § 33.4.4)