A deep water well permit issued under the provisions of this Chapter shall be valid for a period of five (5) years. It shall be required that deep water well system permits be renewed every five (5) years. At the time of application for renewal, the Village Engineer shall redetermine whether the criteria are satisfied as established in this Chapter. In the event that the Village Engineer determines that the criteria are satisfied, a renewal permit for a period of five (5) years shall be issued. In the event that the Village Engineer determines that the criteria are not satisfied, a renewal permit shall be denied. The Village Engineer shall indicate his findings concerning the proposed renewal to the Village Clerk. In the event that the findings are positive, the Village Clerk shall promptly issue a renewal permit.