Before the Building Commissioner shall issue a street obstruction permit, the applicant for such permit shall file with the Clerk, on a form to be furnished by the Village and approved by the Attorney, a bond in the penal sum of ten thousand dollars ($10,000.00) and conditioned to indemnify, save and keep harmless the Village from any and all loss, cost, expense or liability of any kind whatsoever, which the Village may suffer or be put to, or which may be recovered from it by reason of the issuance of such permit, or by reason of any act or thing done, or neglected to be done under or by virtue of the authority given in such permit. An annual bond may be given to cover street obstruction permits. (1965 Code)