A.   Application For Permit: Prior to doing any work involving an excavation in or across or the tunneling under the curb, gutter or roadway of any street or any Village property, the person desiring to do the same shall file or cause to be filed with the Village Clerk an application for a permit therefor. The said application shall state who the applicant is and where he resides, on whose behalf the work is to be done, the nature of the work that it is desired to do and the reason therefor, the size and location of the street surface or other improvement to be injured or torn up, and the exact location where the work is to be done. Thereupon the Village Clerk shall transmit such application to the Chairman of the Committee on Streets and Alleys and said Committee shall, without delay, investigate the propriety of the application, and if he finds that a permit for such work should be issued, he shall direct the Village Clerk to issue said permit on payment of required fees.
   B.   Bond: The applicant shall be required to enter into a cash bond or a bond with a corporate surety in such amount not less than one hundred dollars ($100.00) nor more than one thousand dollars ($1,000.00), conditioned that the applicant will do the work for which he has applied for a permit in a proper and workmanlike manner and in accordance with the specifications set forth in section 7-1-4-3 of this chapter, that the applicant will pay any and all damages to the street surface or improvement that may arise due to operations of the applicant and that the applicant will pay any and all damages that may be recovered against the Village to any person or property occasioned by or in any manner resulting from the operations of the applicant on public property, such bond to be effective for a duration of one (1) year after the date on which the applicant has ceased his operations.
   C.   Insurance: The person or firm who is to do the actual construction work will have 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 § 7-1-4-2)