The erector of temporary signs permitted under Subsections B(2) and (3) of this section or an authorized agent or sponsor of an exhibit, show, event or proposed development shall apply for and obtain a permit from the Borough Zoning Officer and deposit with the Borough, at the time of his application, the sum of $25 per each 100 of such signs, or fraction thereof, as a guaranty that all such signs will be removed promptly within seven days after the date of the election, exhibit, show, event or development to which such signs relate. At the time of deposit, the erector or authorized agent shall indicate upon which streets such signs are to be located. If such signs are not removed at the end of the seven-day period, the Borough shall cause them to be removed and the entire deposit guaranteeing removal shall be forfeited to the Borough. In addition, failure to remove such signs as prescribed shall constitute a violation of this chapter, subjecting offenders to the penalties prescribed in § 405-74 hereof.[1]