No permit shall be issued for any sign unless the
applicant shall file a bond conditioned to save harmless the Borough
from any damage or injury that might result by reason of the construction,
alteration, repair, relocation, enlargement or maintenance of such
sign. The amount of such bond, which shall be with corporate surety
approved by the Borough Council, shall be in the sum of $5,000 to
$10,000 in the case of any sign weighing 250 pounds. As an alternative
to the filing of such bond, the applicant may file with the Borough
a certificate issued by an insurance company setting forth that the
applicant carries public liability insurance for $10,000 to $20,000
and said insurance shall be continued in full force and effect during
the effective term of the permit.