343.04 FINANCIAL RESPONSIBILITY.

   (a)    Prior to the issuance of any permit authorized by this chapter, the applicant shall furnish the City a bond, approved as to form by the Law Director, executed by a bonding or surety company authorized to do business in the State in the sum of twenty-five thousand dollars ($25,000) conditioned upon the payment of the licensee of any and all final judgments for damages resulting to persons or property arising out of the operation of any snow removal vehicle or machine, as defined in Section 343.01, hereof. Such bond shall run to the City for the benefit of any person who may receive injuries or suffer property damage or loss from the operation of any snow removal vehicle or machine and shall be kept in full force and effect for the full period of time for which the license is effective.

   (b)    A liability insurance policy, evidenced by a certificate of insurance furnished to the City, issued by an insurance company authorized to do business in the State, and substantially conforming to the requirements of this section, may be substituted for the bond described in subsection (a) hereof.

(Ord. 79-134. Passed 12-4-79.)