(A) No certificate of public convenience and necessity shall be issued or continue in operation unless there is in full force and effect an indemnity bond for each vehicle authorized in the amount of $100,000 for bodily injury to any one person; in the amount of $300,000 for injuries to more than one person which are sustained in the same accident and $50,000 for property damage resulting from any one accident. Such bond(s) shall insure to the benefit of any person who shall be injured or who shall sustain damage to property proximately caused by the negligence of a holder, his servants, or agents. The bond(s) shall be filed in the Office of the City Clerk with photo static copies being distributed to the Police Department and shall have as surety thereon a surety company authorized to do business in the state.
(B) The City Council may in its discretion allow the holder to file, in lieu of a bond(s), a liability insurance policy issued by an insurance company authorized to do business in the state or deposit cash or securities with the City Revenue Collector to cover damages for injury to persons or property. Such policy or cash or securities shall conform to the provisions of this section relating to bonds and as in the instance of bonds shall be in an amount adequate to comply with the requirements of the Motor Vehicles Safety and Financial Responsibility Act. Such indemnity bonds, liability insurance, cash or securities shall be conditioned upon the payment of any final judgment rendered on account of any personal injury or property damage caused by any taxicab or limousine operating on any of the streets of the city by or under the direction of the holder. Any such insurance, bond or deposit shall also contain a provision for continuing liability thereunder to the full amount thereof notwithstanding any recovery thereon.
(C) Copies of each taxicab or limousine indemnity bond, liability insurance or securities shall be on file with the City Clerk at all times. If the indemnity bond or liability insurance on any taxicab or limousine expires without a new certificate being filed with the City Clerk or if securities pledged have been sold without City Council notification and replacement, the City Clerk shall immediately notify the Chief of Police in writing.
(D) When the City Clerk notifies the Chief of Police that the indemnity bond or liability insurance on any taxicab or limousine had not been renewed or pledged securities have been sold without City Council awareness or replacement, the Chief of Police shall have the certificate of public convenience and necessity for that taxicab or limousine canceled and see that it does not operate any more as a taxicab or limousine.
(E) If the taxicab, limousine or other vehicle for hire is to be operated by a lessee, such bond(s) insurance, cash or securities shall be posted by the owner or the lessee or by both.
('70 Code, § 24-34) (Ord. 1977-51, passed 10-24-77; Am. Ord. 1997-82, passed 10-6-97; Am. Ord. 1998-17, passed 2-16-98)