(A) Before any license is issued, the applicant shall execute and file with the Clerk-Treasurer a bond or undertaking in the penal sum of $5,000, or a larger amount if required by the Town Council before or after the excavation, with proper surety to the approval of the Clerk-Treasurer. The bond shall be conditioned that the obligors will indemnify and save the town harmless from any and all liability, and all claims and lawsuits for damages that may result from the excavation or that may arise in any manner, including those that may result or arise from negligence or purported negligence of the employees or officials of the town or from the failure or omission to keep or maintain adequate and proper warning signs, lights, or barriers at the site of the excavation. The bond shall be further conditioned that the applicant will fill the excavation up to the surface and resurface the same in accordance with the permit and requirements set by the town, and the applicant shall be responsible for maintenance and correct any defects in such work discovered within a period of two years after it is completed. Unless otherwise permitted by the town, the resurfacing material shall be of the same type and quality as the surfacing material adjacent to the excavation. The Town Council may also require liability insurance for such work, with a certificate of insurance to be furnished to town.
(B) If any applicant for a license has on file a good and sufficient bond and insurance in the office of the Clerk-Treasurer, this shall cover any one or more excavations for which a license has been issued to the applicant furnishing the bond.
(C) If at any time the Clerk-Treasurer or the Planning Director shall find that any bond or insurance required by this subchapter is insufficient for any reason, it shall notify the principal, who shall furnish a new and proper bond and insurance before continuing the present excavation or commencing any future excavation.
(Ord. 1993-2, passed 3-10-93) Penalty, see § 99.99