Every person applying for a permit under this subchapter shall submit with his or her application a public liability bond in the sum of $50,000, conditioned on his or her compliance with all the provisions of this subchapter, and agreeing to pay, and holding the Village harmless from, any claim which may be had against it by reason of the occupation of any street, sidewalk, alley or other public place by the building or structure moved.
('73 Code, § 7-99)