No such permit shall be issued unless and until the applicant therefor has filed with the Village Clerk a bond in the sum of fifty thousand dollars ($50,000.00) 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 such tunnel or excavation. Such bond shall have as surety a corporation listed to do business in the State of Illinois as a surety company. (1966 Code, §8.305)