(a) The undertaking required before a taxicab operator's license can be issued shall be conditioned that the taxicab operator shall pay all damages to person or property for the amount of which he may become liable arising out of the conduct of the business of taxicab operator, and that any person having such a cause of action against the principal may join the surety as a party defendant or in his own name sue separately the surety on such undertaking.
(b) The amount of the undertaking shall be calculated as follows:
(1) Ten thousand dollars for the taxicab;
(2) An additional four thousand dollars for each additional taxicab up to and including a total of five taxicabs;
(3) An additional two thousand dollars each for the sixth, seventh, eighth, ninth and tenth taxicabs;
(4) An additional one thousand dollars for each additional taxicab over ten.
(Ord. 383 § 2 Ex. A (part), 1986).