The bond required by section 8-4-1 of this chapter shall be in the sum of ten percent (10%) of the total cost of the project or twenty thousand dollars ($20,000.00) whichever is greater, and shall be executed by a surety company authorized to do business in the state of Montana, conditioned to save the town harmless from any damage or injury whatsoever to any person or property of any description, however owned, by reason of leaving open any excavation or tunnel; or by reason of failure to properly guard any such excavation or tunnel; or failure to place red lights at such excavation or tunnel at night; or by any other action causing damage or injury. Any person or contractor may furnish a yearly bond conditioned as set forth above. (Ord. 176, 5-16-2012, eff. 6-15-2012)