A.   Insurance Requirements: All local commercial operators shall protect the public generally, the customers or clients of such local commercial operators and the City from any and all lawful damages, claims or liability and shall carry comprehensive general liability insurance in a company authorized to do business in the State of Idaho with limits of not less than one hundred thousand dollars ($100,000.00) per person, three hundred thousand dollars ($300,000.00) for each occurrence for personal injury, and one hundred thousand dollars ($100,000.00) property damage with the City named as an additional insured, which policies must be approved by the City Council and a certificate of insurance thereof furnished to the authority. It is further understood that as circumstances in the future dictate, the City may require an increase in bodily injury and property damage insurance.
   B.   Financial Responsibility: A local commercial operator shall satisfy the City that it is technically and financially able to perform the services of a local commercial operator. This shall include the responsibility for demonstrating continued financial solvency and business ability by the submitting of an annual financial statement and credit reference on or before April 15 of each year. In cases of doubt by the City to such ability of a local commercial operator, the City may conduct a hearing to determine appropriate action. In each instance, the City shall be the final judge as to the qualifications and financial ability of the local commercial operator.