(a)   Upon approval by Council of an application filed under this chapter, a license shall be issued to the applicant by the City Manager or his or her authorized representative, covering the automobile or automobiles in question, which license shall be effective for a period of one year from the date of issuance.
   (b)   Before the issuance and delivery of such license, the applicant shall furnish the Manager or his or her representative with the following:
      (1)   Twenty-five dollars ($25.00) for each motor vehicle licensed;
      (2)   A written statement from a competent garage in the City that the vehicle or vehicles are in good mechanical order and equipped with safe tires.
   (c)   Each and every taxicab licensed under this chapter shall have in full force and effect at all times an insurance policy covering personal injury and property damage in no less than the following amounts: one hundred thousand dollars ($100,000) for each person; three hundred thousand dollars ($300,000) for each accident; and fifty thousand dollars ($50,000) for property damage. Duplicate copies of all such insurance policies shall be submitted to the Manager or his or her representative along with certification that all premiums have been paid. Failure to comply with this subsection shall cause an automatic revocation of such license. A separate offense shall be deemed committed each day during or on which a violation of this subsection occurs or continues.