A. No person, firm or corporation shall be issued an excavation permit unless a bond has been executed to the village in the penal sum of ten thousand dollars ($10,000.00) with good and sufficient sureties to be approved by the village board of trustees and shall be conditioned on the faithful performance of all duties required by ordinances, rules and regulations of the village. It shall be a further condition of said bond that the obligors will hold the village harmless from any and all damages sustained by reason of neglect or incompetence on the part of such person, firm or corporation in the performance of work done or by reason of careless or improper guarding of excavations made or trenches dug, or by reason of any other cause whatsoever, growing out of the negligence or carelessness of such person, firm or corporation.
B. No bond shall be considered automatic or self-renewing, and a new bond shall be filed for each twelve (12) months beginning May 1 in each year. The building inspector shall not issue a permit to any person, firm or corporation whose bond shall not have been filed and approved; provided, that a plumber, who has executed a bond as provided in section 10-2-7 of this code and which contains all the conditions set forth in this chapter shall be considered to have met the requirements for bond. (1983 Code § 11-1-7)