(A) The executive or other chief administrative officer shall investigate and hold a hearing upon each application for a license. If the executive or other chief administrative officer finds upon such investigation and hearing that the public convenience and necessity do not justify the operation of the vehicle for which license is desired, he shall forthwith notify the applicant of his findings. If he finds from such investigation and hearing that the public convenience and necessity do justify the operation of the vehicle or vehicles for which license is desired, he shall forthwith notify the applicant. Within 60 days thereafter, applicant shall furnish and file with the Clerk- Treasurer the following:
(1) A full transcript of the information appearing on the certificate of title of each vehicle for which license is desired, and the state license number of each such vehicle.
(2) A certification that each vehicle for which a license is desired has been inspected and tested and that each such vehicle is roadworthy and safe for operation as a taxicab.
(3) The name of each person who will operate such taxicab, with the driver's license number of each such person.
(4) Insurance or bond.
(a) A policy or policies of liability insurance issued for the life of the license applied for or longer, by a responsible insurance company, approved as to sufficiency and as to legality by the municipality providing indemnity for or protection to the applicant against loss resulting from the operation of each such taxicab on account of injury or death of one person in any one accident, on account of injury or death of more than one person in any one accident, and for property damage caused in any one accident.
(b) In lieu of the policies of insurance above described, applicant may furnish a bond binding the principal and sureties to liability for the payment of a judgment or judgments as above set forth, with at least two approved persons as sureties or one approved corporate surety approved as to sufficiency and as to legality by the municipality.
(B) Thereupon, the executive or other chief administrative officer shall examine the supporting information and documents and being satisfied that 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 the license shall be exhibited in a prominent place in each taxicab at all times.