Upon a vote by a majority of Council that an application for a permit be granted, the Village Clerk shall issue the permit applied for. However, prior to such issuance, the Clerk shall be provided with a policy or certificate of insurance covering the applicant's liability for property damage in an amount of not less than three hundred thousand dollars ($300, 000) and for personal injury in an amount of not less than three hundred thousand dollars ($300, 000), which insurance policy or policies must be maintained for such period of time as drilling is in progress, the well is in operation or is producing oil or gas, or until such well is pulled and plugged as hereinafter provided. The insurance policies and the coverages thereunder must be to the complete satisfaction of Council and such policies may be rejected by Council for any valid reason. Such rejection of the insurance policies by Council shall serve to stay the granting of a permit theretofore approved by them until such time as an insurance policy providing coverage entirely satisfactory to Council has been provided by the applicant.
All applicants shall be required to prove that insurance policies required by this section provide coverage where there is a blowout in the drilling of an oil or gas well, and also cratering liability coverage.
(Ord. 623. Passed 3-2-64.)