Each permit for making an excavation in a public way shall be confined to a single project. Application shall be made to the Village Administrator or his designee on a form prescribed by Council, giving the exact location of the proposed opening, the kind of paving, the area and depth to be excavated and such other facts as may be provided for. The permit shall be issued only after a cash deposit or bond of five hundred dollars ($500.00) has been posted with the Municipality, conditioned upon prompt and satisfactory refilling of excavations and restoration of all surfaces disturbed. A fee of ten dollars ($10.00) shall be charged to cover the costs of supervision and inspection of any excavation, which fee shall be collected at the time the permit is issued.