No permit shall be issued unless and until the applicant therefor has deposited with the Clerk a cash deposit or bond in the sum of $250, if no pavement is involved, and $1,000, if the excavation is a paved area, to insure the proper restoration of the ground and laying of the pavement, if any. From this deposit shall be deducted the expense to the village of relaying the surface of the ground or pavement and of making the refill if this is done by the village or at its expense and the balance shall be returned to the applicant without interest after the tunnel or excavation is completely refilled and the surface or pavement is restored. The Village Board may waive the deposit in this section.
(`92 Code, § 33-4-5)