If the proposed tunnel or excavating exceeds 60 square feet, no such permit shall be issued unless and until the applicant therefor has filed with the Clerk-Treasurer a bond in the sum of $50,000 conditioned to indemnify the town 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 licensed to do business in the state as a surety company.
(1993 Code, Title V, Art. 1, § 4)