In addition to the licensing requirement of Section 812. 01, no person shall operate or conduct, or engage in the business of operating or conducting, a circus, carnival, street show or tent show in the Ciiy without first obtaining and depositing with the City Clerk a certificate of liability insurance in the amount of at least one hundred thousand dollars ($100,000) for each person, three hundred thousand dollars ($300,000) for each accident and fifty thousand dollars ($50,000) for property damage.
A bond in the amount of three hundred thousand dollars ($300,000) may be accepted in lieu of such certificate of insurance. Such bond shall be payable to the City for the use and benefit of a person suffering personal injury or property damage as the result of the operation of such circus, carnival or show. Such bond shall be signed by the licensee under this chapter and by a surety or sureties acceptable to the Mayor. Such bond shall be conditioned upon the prompt payment and settlement by such licensee of any and all judgments rendered against him or her in favor of such person suffering personal injury or property damage arising out of the operation of such circus, carnival or show.