(a) The Mayor or other chief administrative officer shall investigate and hold a hearing upon each application for a license. If the Mayor or other chief administrative officer finds upon such investigation and hearing that the public convenience and necessity do not justify the operation of the vehicle for which license is desired, he shall forthwith notify the applicant of his findings. If he finds from such investigation and hearing that the public convenience and necessity do justify the operation of the vehicle or vehicles for which license is desired, he shall forthwith notify the applicant. Within 60 days thereafter, applicant shall furnish and file with the Finance Director the following:
(1) A full transcript of the information appearing on the certificate of title of each vehicle for which license is desired, and the state license number of each such vehicle.
(2) An unexpired official certificate from an authorized motor vehicle inspection station of the municipality, or if none exists from a neighboring city in Ohio, that each vehicle for which a license is desired has been inspected and tested and found to meet the standards fixed by statute and that each such vehicle is roadworthy and safe for operation as a taxicab.
(3) The name of each person who will operate such taxicab, with chauffeur's license number of each such person.
(4) Insurance or bond.
A. Each licensed public vehicle, except handicapped livery vehicles, shall be covered by a combined single limit liability policy providing coverage per occurrence for death, personal injury and property damage in an amount of not less than $100,000.
B. Handicapped livery vehicles shall be covered by a one million dollar combined single limit liability policy providing coverage per occurrence for death, personal injury and property damage.
C. It shall be the mandatory duty of all applicant licensees to notify the Finance Director immediately should any such insurance coverage be cancelled or not renewed, and failure to do so shall act as automatic revocation of all permits or licenses issued to any such licensee-owner.
(b) Thereupon, the Mayor or other chief administrative officer shall examine the supporting information and documents and being satisfied that applicant is the owner of any such vehicle, that the same is a safe and fit conveyance, and that satisfactory insurance or bond has been issued and is in force thereon, he shall, upon payment of the prescribed license fee, issue a license to the applicant.
(c) A certified copy of the license shall be exhibited in a prominent place in each taxicab at all times.