Deposit or bond. In addition to any other requirement of this article and except as is otherwise provided by law, no permit shall be issued under this article unless and until the applicant shall provide to the Village Clerk a cash deposit, in an amount which shall constitute the Village Engineer's best estimate of a sum equal to 150% of the actual out-of-pocket expense necessary for the Village or its hires to restore the area of the street, sidewalk or other public place affected by the work undertaken in reliance upon the permit to the same and proper condition it was in prior to the work done. In lieu of a deposit, applicant may provide the Village with a performance bond that shall remain in effect during the entire period from the date of issuance of the permit until the date that permittee receives notice from the Village Engineer that there has been final and proper restoration of the street or other public place affected by the work undertaken in reliance upon the permit. Said performance bond shall be in a form, contain such acknowledgements, and be written by a surety company acceptable to the Village Attorney. It shall set forth a penal sum constituting the Village Engineer's best estimate of 150% of the actual out-of-pocket expense necessary for the Village or its hires to restore the street, sidewalk or other public place affected by the work undertaken in reliance upon the permit to the same and proper condition it was in prior to the work done. It shall unconditionally bind such surety unto the Village to promptly perform permittee's obligation to undertake and faithfully complete such restoration in the event that permittee shall fail to do to so within the time limits therefor, as set forth within Subsection B immediately below. Specifically, it shall unconditionally bind such surety to perform restoration work required under this article in permittee's stead, at its own expense, and expend its own funds for that purpose, up to the penal sum designated in said performance bond.