(A) No certificate shall be issued or continued in operation unless there is in effect an indemnity bond for each vehicle authorized in the amount of $50,000 for bodily injury to any one or more persons sustained in the same accident and $10,000 for property damage resulting from any one accident. The bond shall inure to the benefit of any person who is injured or who sustains damage to property proximately caused by the negligence of a holder, his or her employees or agents. The bond shall be filed in the office of the City Clerk and shall have a surety thereon, a surety company authorized to do business in the state.
(B) The City Council may allow the holder to file in lieu of the bond, a liability insurance policy issued by an insurance company authorized to do business in the state. The police shall conform to the provisions of this section relating to bonds.
(1960 Code, § 7-13-6) (Ord. 5385, passed 3-8-1995)