In lieu of the certificate of liability insurance policy provided for in § 117.03, the applicant may, at his or her option, file with his or her application for license a certificate of the State Treasurer verifying that the applicant has deposited with the State Treasurer $30,000 in cash or securities such as may legally be purchased by savings banks or for trust funds of a market value of $30,000. The deposit shall be held by the State Treasurer to satisfy any execution on a judgment issued against the person making the deposit for damages resulting from the ownership, maintenance, use or operation of a taxicab within the city after the deposit was made.
(Prior Code, § 10-904)