No permit shall be issued unless and until the applicant therefor has filed with the Clerk a bond in the sum of $50,000, conditioned to indemnify the village for any loss, liability or damage that may result or accrue from or because of the making, existence or manner of guarding or constructing any tunnel or excavation. The bond shall have as surety a corporation licensed to do business in the state as a surety company.
(1994 Code, § 33-4-4)