(a) Each operator shall file with the City Clerk, on or before March 1 of each year, a bond with a sufficient corporate surety, naming the City as obligee, for the protection of the public from loss of or damage to the motor vehicles parked, stored or placed under the jurisdiction of such operator. The amount of each such bond shall be as follows:
(1) Operators whose gross receipts are less than five thousand dollars ($5,000): a bond in the amount of five thousand dollars ($5,000);
(2) Operators whose gross receipts are or exceed five thousand dollars ($5,000) but are less than fifteen thousand dollars ($15,000): a bond in the amount of ten thousand dollars ($10.000); and
(3) Operators whose gross receipts are or exceed fifteen thousand dollars ($15,000): a bond in the amount of twenty-five thousand dollars ($25,000).
(b) In the alternative, operators shall produce certificates of public liability insurance, insuring the public from loss of or damage to the motor vehicles parked, stored or placed under the jurisdiction of such operators, in such amounts and in such form as are satisfactory to the Finance Director.
(Ord. 4670. Passed 7-13-94.)