(A) Required. It shall be unlawful to commence work on any excavation or on any construction work in the Village involving driving or hauling machinery, trucks or equipment over any parkway or sidewalk area or involving excavating or leveling of any parkway or sidewalk area unless the person doing that work shall first have filed with the Village a bond, with corporate surety, conditioned to indemnify the Village for any damage done to any Village property, including any curb, pavement, cable, pipe, shutoff box or other equipment in the course of the work.
(B) Special time limit. Where the work contemplated includes the making of any excavation for any structure or foundation, the bond shall also be so conditioned that the building or structure contemplated shall be completed within one year from the date of commencement of work or the excavation refilled and the surface restored to its original condition.
(C) Amount. The bond shall be in the principal amount of $50,000, payable to the Village in the event of any breach of the conditions of the bond.
('73 Code, § 7-7)