In addition to the deposit required in the preceding section to be made, each applicant shall file with the application a surety or cash bond in a sum to be fixed by the Village Manager and to be approved by him or her. The bond shall be conditioned that the applicant will suitably guard and protect any excavation or obstruction maintained or created and will save the village harmless from any loss, cost, damage or liability resulting from injury to any person or property caused by the excavation or obstruction or resulting from acts or omissions of the applicant, or his or her employees, or any expense incident to the enforcement of the bond.
(1959 Code, § 31-37)