Every application for a license shall be accompanied by a bond, approved as to form by the City Attorney, executed by a bonding or surety company authorized to do business in this city and state, in the penal sum of $5,000 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 who may claim redress for property damage or theft, resulting from the operation or maintenance of such parking lot or garage. Such bond shall remain in full force and effect for the full period of time for which the license is effective. A liability insurance policy issued by an insurance company authorized to do business in the State of Michigan, conforming to the requirements of this section, may be permitted in lieu of a bond.
('68 Code, § 5-714) (Ord. 249, passed 10-4-65)