No such permit shall be issued unless and until the applicant
therefor has filed with the Treasurer a bond in an amount not less
than $1 and not greater than $100,000, which specific amount shall
be within the reasonable discretion of the Superintendent and shall
depend upon the work being performed by the permittee. The condition
of said bond is to indemnify the Borough for any loss, liability or
damage to person or property that may result or accrue from or because
of the making, existence or manner of guarding or construction of
any such tunnel or excavation. Such bond shall have as surety a corporation
license to do business in the state as a surety company.