In lieu of the policies of insurance, the licensee may furnish a bond with good and sufficient surety to be approved by the City Attorney, in the penal sum of $50,000, for each licensed taxicab, executed by a surety company authorized to transact such business in the state, which surety bond shall hold and bind the principal and sureties to the same conditions as are required in § 113.05 concerning the policies of insurance.
(1989 Code, § 113.06) (Ord. 5-1966, passed 11-21-1966)