No such permit shall be issued unless and until
the applicant therefor has filed with the township a bond in an amount
not greater than $100,000, which specific amount shall be within the
reasonable discretion of the township and shall depend upon the work
being performed by the permittee. The condition of said bond is to
indemnify the township 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 licensed
to do business in the state as a surety company.
In lieu of posting a bond for each road permit
required, a utility or authority (i.e., gas, electric, cable, telephone,
water and sewer) may post a yearly bond for all work requiring a permit
under the terms of this Part 2 on a yearly basis in an amount equal
to 110% of the value of the work performed during the prior calendar
year. Such bond shall cover all work performed by that utility or
authority during the calendar year posted.
