Each applicant shall furnish a cash bond or a bond with a corporate surety in such amount not less than one hundred dollars ($100.00) or more than one thousand dollars ($1,000.00) as may be determined and approved by the Chairman of the Committee on Streets and Alleys, or by the President and Board of Trustees, conditioned to indemnify the Village for any liability, loss or damage resulting from the work undertaken or the manner of doing the same, and shall furnish evidence acceptable to the Chairman of the Committee on Streets and Alleys, or the President and Board of Trustees that the person who is to do the actual construction work has in force satisfactory public liability and property damage insurance in limits of at least one hundred thousand dollars ($100,000.00) for injuries to each person, three hundred thousand dollars ($300,000.00) for injuries in each accident and fifty thousand dollars ($50,000.00) for damage to property in each accident, covering all damages occasioned by or in any manner resulting from such construction work. (1979 Code § 7-1-2-3)