No parade or procession shall be allowed on any public way, nor shall any open air meetings be held in or upon any public way or upon any ground abutting upon any public way, until approval is first obtained from the president and board of trustees. In its approval, the president and board of trustees shall consider if such parade, procession or open air meeting shall be held for any unlawful purpose, tend to be a breach of the peace or interfere with the peace and quiet of the residents of the village and/or create the need for expenditure of village resources. As part of the approval process, the village board may require reasonable conditions to be met, including whether the applicant shall provide a bond or insurance certificate, in an amount determined by the board, for the purpose of naming the village as an additional insured or bonded party to protect the village from liability and indemnify the village for liability arising from the event. Such insurance and/or bonding shall also serve as a guarantee against the failure of the applicant to reimburse the village for personnel, cleanup, equipment and damage costs incurred by the village in association with the parade, procession or open air meeting. (1965 Code § 9-11-1)