(a) No certificate of public convenience and necessity shall be issued or renewed unless the applicant has produced and has filed with the Village Clerk the following:
(1) A certificate from the Secretary of State showing compliance with the owner for each public passenger vehicle with the provisions of the Illinois Compiled Statutes now or hereafter relating to the bonding or insurance of motor vehicles for carriage of passengers for hire.
(2) A policy of insurance or certificate of insurance issued by an insurance company authorized to do business in the State in the amount of not less than: one hundred thousand dollars ($100,000.00) for bodily injury to any person; three hundred thousand dollars ($300,000.00) for injuries to more than one person which are sustained in the same accident and fifty thousand dollars ($50,000.00) for property damage resulting from any one accident. Said policy or certificate shall be in full force and effect at the time of license issuance and shall provide that the coverage may not be cancelled or materially changed without thirty (30) days prior written notice to the Village Manager.
(b) If any insurance is cancelled or permitted to lapse for any reason, the Village Manager shall suspend the licenses for the public passenger vehicle affected for a period not to exceed thirty (30) days, to permit other insurance to be supplied in compliance with the provisions of this Section. If any such other insurance is not supplied within the period of suspension of the license, the Village Manager shall revoke the certificate of public convenience and necessity and/or the licenses for such public passenger vehicles. (Ord. 0-91-55, 12-16-91)