(A) (1) Before a permit shall be issued by the Clerk-Treasurer under this subchapter, the person applying for such permit shall give, execute, and deliver a surety bond to the town, in a sum, to be determined by the Town Council in relation to the cost for the specific project and conditioned upon the faithful performance and compliance with all rules and regulations adopted by the town.
(2) Said bond shall also be conditioned to indemnify the town against any loss to property of persons occasioned by said excavation or repair to such thoroughfare.
(B) Any person may furnish said bond upon an annual basis, and which bond shall be binding upon any permit subsequently issued during a calendar year to said applicant.
(Prior Code, § 54-63) Penalty, see § 93.99