Prior to the issuance of a permit, the applicant shall deposit with the Township a sum, by cash or certified check, equal to $5 per square yard to be excavated where there is no permanent hard surface and a sum equal to $10 per square yard where the surface or treatment to be excavated is brick, asphalt, bituminous, concrete, wood block or other permanent surface or treatment. In lieu of the deposit by cash or certified check, the applicant may deposit a surety bond of equal amount. Such bond must be approved by the Township Committee. Where several permits are desired throughout the year, a blanket bond in a sum to be fixed by the Township Committee, based on the estimated number of permits to be issued, may be given in lieu of a separate bond or deposit for each separate excavation. No permit shall become effective unless and until the deposit herein required shall be made. Any permit issued may be on such other reasonable terms and conditions as the Township may require in the public interest. Any deposit shall be retained by the Township until 30 days have elapsed from the date of the completion of the work of restoring at least to its original condition and appearance any section or sections so excavated, and shall be, until that time, security for any restoration herein provided, as well as security for any other damage or other loss the Township may incur or become subject to by reason of such excavation or any work connected therewith. In the event that any restoration herein provided shall not be completed within the time and on the terms and conditions set forth in the application or permit or in the event that such restoration shall be done otherwise than in good workmanlike and approved manner and in accordance with standard practice or in the event that the Township shall incur or become subject to any damage or other loss by reason of the work or excavation, then the deposit may be used and applied by the Township to the Township's work of restoration or to any such damage or loss. If the deposit is insufficient to answer therefor, the applicant shall be and become liable to the Township for any excess of the cost thereof over the deposit. In the event that the deposit is entirely sufficient and there is any surplus, the Township shall repay to the applicant any such surplus or balance remaining of the deposit.