Along with such application there shall be deposited with the Mayor not less than twenty-five dollars ($25.00) nor more than two hundred dollars ($200.00) cash, sufficient in the opinion of the Mayor to cover the cost to the Village of any supervision required on the part of the Village officials or employees while such moving on the public streets is in progress.
There shall also be deposited with the Village a bond in such amount and with such surety as shall meet with the approval of the Mayor, or a liability policy naming the Village as the insured, in such amount as shall meet with the approval of the Mayor, both in such form as will safeguard and indemnify the Village and private property owner from injury or damages arising or growing out of such moving operations, and further conditioned as may be required by the Mayor in order to protect the public interest.