No taxicab license shall be issued unless the applicant files with the Clerk-Treasurer written proof of his ability to respond in damages for liability thereafter incurred, arising out of the ownership, maintenance or use of each taxicab, in the amounts required by I.C. 27-7-5-2 et seq.
(`92 Code, § 4-93) (Ord. 92-25, passed 8-27-92)