A.   Before issuance of any such permit, the contractor or person proposing to construct any such driveway, culvert, ditch or swale shall file with the village clerk, on a form acceptable to the village, evidence that he carries public liability and property damage insurance in the amount of one hundred thousand dollars ($100,000.00), naming the village of Riverwoods and holding harmless its elective and appointive boards, commissions, officers, agents and employees as additional insured to cover claims which may arise out of performance of the work by the applicant. All such bonds shall be continuing until terminated by notice in writing to the village, given thirty (30) days in advance.
   B.   Before issuance of a permit, the applicant shall be required to post a refundable cash bond or other security with the village in a form satisfactory to the village, such security to be to the benefit of the village. Such security shall be a minimum of one thousand dollars ($1,000.00) per acre or any part thereof for the first three (3) acres. When the site exceeds three (3) acres, the fee shall be three thousand dollars ($3,000.00) plus an amount set by the village in cooperation with its consulting agents and officers and determined to be sufficient to cover the cost of improvements. Such security shall be conditioned upon the faithful observance of the conditions and provisions of this chapter, and any plans accompanying the permit. (Ord. 81-12-13, 12-21-1981)