Such deposit shall be held by the Engineering Department for a period of sixty (60) days after the restoration of said street or alley, and if after said sixty (60) days, and after inspection by a person designated by the President and Board of Trustees or the Street and Alley Committee, the street or alley is in condition acceptable to the Village, the deposit, less all inspection and reinspection fees, shall then be returned to the depositor. If it is deemed that further work is necessary to so restore the street or alley, and upon refusal or failure of the depositor to make the required corrections, the Village may do such necessary work with the costs thereof together with all inspection and reinspection fees being deducted from said deposit and the balance, if any, returned to the depositor; or, if the costs of such proper restoration and inspections exceeds the deposit, then the depositor shall pay to the Village the amount of the excess.