Bond and insurance. The Village Board or Zoning Administrator may require as a condition to the granting of a permit that the applicant file or deposit with the Village Clerk or Treasurer performance securities in the form of a performance bond, cash, certified or cashier's check payable to the Village of Grantsburg, or an irrevocable bank letter of credit, in a form satisfactory to the Village Attorney. The Village Board or Zoning Administrator shall, in establishing the amount of the surety, consider the scale of the operations, the prevailing costs to rehabilitate the property upon default of the operator, court costs, and other reasonable expenses to guarantee that the applicant will fully and faithfully perform all applicable performance standards, conditions, restrictions, and requirements of these regulations. An engineer may be consulted in determining the amount of the surety, and such consultation costs shall be added to the permit fee. The Village Board may also require, as a condition to the granting of any such permit, that the applicant deposit a certificate of an indemnity company licensed to do business in the State of Wisconsin or a letter of credit, in an amount reasonably relevant to the proposed work to be done as specified by the Village Board, insuring the Village of Grantsburg against any loss or damage to persons or property arising directly or indirectly from the operations of the applicant, or any person acting on his behalf, in carrying on any work connected directly or indirectly with the issuance of said permit.