The construction, maintenance, or existence within the Village of Mishicot of any unprotected, unbarricaded, open or dangerous excavations, holes, pits or wells, or of any excavations, holes or pits which constitute or are reasonably likely to constitute a danger or menace to the public health, safety or welfare, is hereby prohibited; provided, however, that this section shall not prevent any excavation under a permit issued pursuant to this chapter or the Building Code of the Village of Mishicot where such excavations are properly protected and warning signs posted in such manner as may be approved by the Zoning Administrator or Building Inspector, and provided further that this section shall not apply to lakes, streams, or other natural bodies of water, or to ditches, streams, reservoirs or other major bodies of water created or existing by authority of any government agency.