Every application for a license hereunder shall be accompanied by a bond covering the full license year, approved as to form by the Director of Law, executed by a bonding or surety company authorized to do business in the State, in the penal sum of ten thousand dollars ($10,000), conditioned upon the payment by the licensee of any and all final judgments for damages resulting to persons or property, including the theft of any motor vehicle or any part or accessory thereof, arising out of the operation or maintenance of any parking lot or garage. Such bond shall run to the City for the benefit of any person who may receive injuries, and for the benefit of any person as defined in this chapter who may claim redress of property damage or theft resulting from the operation or maintenance of such parking lot or garage, and shall remain in full force for the full period of time for which the license is effective. A certificate of the fact that a liability insurance policy has been issued by an insurance company authorized to do business in the State, conforming to the requirements of this section, may be permitted in lieu of a bond. If for any reason the bond or insurance policy is canceled, or the coverage is decreased below the minimum requirements set forth, the license will automatically become null and void.
(Ord. 2003-019. Passed 1-28-03.)