Each permit for making an excavation in a public way shall be confined to a single project. Application shall be made to the Street Commissioner or his designee, giving the exact location of the proposed opening, the kind of paving, the area and depth to be excavated and such other facts as may be provided for. The permit shall be issued only after a bond of five thousand dollars ($5,000) has been posted with the Municipality, conditioned upon prompt and satisfactory refilling of excavations and restoration of all surfaces disturbed. A fee shall be charged to cover the costs of supervision and inspection of any excavation, which fee shall be collected at the time the permit is issued.