Application for such license shall be made to the Village Clerk and shall recite the name and address of the owner of such vehicle, the name or names of the person or persons who shall operate said vehicle, the capacity and make of said vehicle and the equipment thereon and shall be accompanied with a policy of insurance insuring payment by the licensee of damages to persons and property in a sum not less than twenty thousand dollars ($20,000.00). The application shall further be accompanied by a good and sufficient surety bond in the sum of five thousand dollars ($5,000.00) to insure the compliance of the licensee with the regulations stated herein. The annual fee for such license shall be forty dollars ($40.00) for each vehicle and shall be issued for one year. Such fee shall be paid to the Village Clerk who shall turn them over to the Village Treasurer, forthwith. (R.O. 1974, Sec. 6.3.3)