A performance bond and maintenance bond will be required for work estimated to exceed three thousand dollars. The performance bond posted with respect to each permit shall not be released until an approved inspection is received on the restoration of the public right-of-way. The applicant shall either file an original bond with the permit application or have on file with the town an original performance and maintenance bond. The company writing the bonds shall be licensed to do business in the State of Indiana and shall be in good standing with the Town. The performance bond shall be in the penal amount of not less than five thousand dollars for a single street cut or one hundred thousand dollars (for unlimited multiple street cuts in any one calendar year. The bond shall be effective for a duration of the earlier of three years from the date of issuance of each permit or release by the town. The applicant shall also furnish the town with a maintenance bond for each application which shall be in effect for a minimum period of three years from completion of the work. All bonds shall be for the use and benefit of the town. (Ord. 949 § 1(part), 2001).