(a) The Mayor shall investigate each application to determine whether the public convenience and necessity justify the operation of the vehicle for which a license is desired, and shall notify the applicant of his finding. If he finds, from such investigation, that the public convenience and necessity do justify the operation of the vehicle for which a license is desired, he shall forthwith notify the applicant. The Mayor, if he so desires, may conduct such public hearings as he deems advisable to determine the matter of convenience and necessity. Within sixty days thereafter the applicant shall furnish and file with the Mayor the following:
(1) A full transcript of the information appearing on the certificate of title of each vehicle for which a license is desired, and the state license number of each such vehicle;
(2) A schedule of fares and rates to be charged passengers for transportation during the period of the license;
(3) The name of each person who will operate such taxicab, with the driver's license number of each such person;
(4) A certificate of insurance issued in favor of the Village and a policy of liability insurance issued for the life of the license applied for or longer, by a responsible insurance company, approved as to sufficiency by the Mayor, and as to legality by the Solicitor. Such insurance shall provide indemnity for or protection to the applicant against loss resulting from the operation of each such taxicab to the extent of one hundred thousand dollars ($100,000) on account of injury or death of one person in anyone accident; three hundred thousand dollars ($300,000) on account of injury or death of more than one person in any one accident; and twenty-five thousand dollars ($25,000) for property damage caused in any one accident.
(b) Thereupon, the Mayor shall examine such supporting information and documents, and being satisfied that the applicant is the owner of any such vehicle, that the same is a safe and fit conveyance and that satisfactory insurance or bond has been issued and is in force thereon, he shall, upon payment of the prescribed license fee, issue a license to the applicant.
(c) A certified copy of such license shall be exhibited in a prominent place in each taxicab at all times.