No permit for a sewer connection or a sewer extension shall be issued by the President and Board of Trustees of the Village unless the person applying therefore or the contractor shall have filed in the office of the Village Treasurer or Director of Finance a performance bond with corporate surety thereon in the sum of one thousand dollars ($1,000.00) for a service connection; and for a sewer extension, a sum equal to one and one-half (1%) times the estimated cost of the work to be done. Such performance bond shall be approved by the President and Board of Trustees of the Village and shall be conditioned upon the applicant or the contractor indemnifying and saving harmless the Village for any and all damage to underground utilities or to the water and sewer mains and laterals of the Village and from and failure to restore any road, ditch, pavement or portion thereof damaged during the construction of the sewer connection or the sewer extension to the condition at the commencement of construction.