No license shall be issued hereunder until and unless the applicant deposits with the City Clerk a prepaid policy or certificate of liability insurance for each taxicab or motor vehicle for hire for which a license is sought, said policy of liability insurance to be accepted and approved by the City Manager and issued by a company authorized to do business in the State of Michigan. The policy of insurance so deposited shall contain a clause obligating the company issuing same to give ten days written notice before cancellation thereof to the City Clerk, and the license for the operation of such vehicle shall expire upon the lapse or termination of such policy of insurance.
(Ord. passed 7-28-98)