No company, corporation, or association shall dig up any street or alley without first giving to the township a bond with some acceptable trust or surety company as surety in the sum of $10,000, conditioned for the faithful performance of those provisions and also for any and all damages, claims, demands, suits, costs, and counsel fees occasioned or arising from the digging up, opening, or closing of said streets and alleys. In lieu of a bond, a letter of credit in form satisfactory to the township and issued by a financial institution acceptable to the township may be submitted.
(Ord. 2001-5, passed 7- -2001)