(A) No license to operate any taxicab within the village shall be issued unless the applicant for the license shall have on file with the Village Collector, and in effect, a bond of the taxicab operator with a responsible surety to be approved by the Village Board of Trustees, in the penal sum of $500, conditioned to pay all final judgments recovered against the taxicab operator for property damage resulting from negligent operation of a taxicab, or an insurance policy issued by an insurance company authorized under the laws of this state to transact business within this state insuring the taxicab operator for his legal liability of not less than $500 in case of damage to property resulting from the negligent operation of a taxicab.
(B) If the taxicab operator fails for a period of 30 days to satisfy any final judgment against hire which resulted from the negligent operation of a taxicab, and the Village Collector is furnished with a certificate to that effect from any clerk of a court of record where the judgment was obtained, the Village Collector shall suspend the operator's license to operate taxicabs in the village until the judgment is satisfied.
('68 Code, § 52.06)