(A) Before a permit shall be issued by the Clerk-Treasurer under this subchapter, any person applying for the permit shall give, execute and deliver a surety bond to the town, in the penal sum of $5,000, to be approved by the Clerk-Treasurer and conditioned upon the faithful performance and compliance with all rules and regulations adopted by the town. The surety shall provide evidence of registration with the state, the evidence constituting approval to do business in this state.
(B) The bond shall also be conditioned to indemnify the town against any loss to property or person occasioned by the excavation or repair to the street or alley.
(C) Any person may furnish the bond referred to herein upon an annual basis, and which shall be binding upon any permit subsequently issued during the year, to the applicant.
(D) Any public utility operating under the jurisdiction of the Public Service Commission of the state may give an indemnifying agreement in lieu of the bond; provided, however, that agreement shall not relieve any contractor doing work for the utility of the requirements of this section for bonding.
(E) Utilities owned and operated by the town are excepted from providing either a bond or an indemnifying agreement.
(F) Any person required to furnish bond or indemnifying agreement shall also furnish evidence of insurance for any and all claims which may arise, and which shall cover personal injury or property damage. The amount of the insurance shall be as established by the Town Council. The insurer shall be a company holding a certificate of authority issued by the Indiana State Insurance Commissioner to do business in this state.
(1992 Code, § 7-114) (Ord. 659, § 7-95, passed 8-13-1985)