Before the City Controller shall issue a license to operate a taxicab in the city, the licensee shall file with the City Controller the bond or contract of insurance. The contract of insurance or guaranty bond shall be $5,000 to $10,000 public liability policy for protection of bodily injury and a contract of insurance or guaranty bond of $5,000 for property damage. The policies shall be the standard form of non-deductible. The contracts of insurance or guaranty bond shall further provide that no cancellation of insurance or guaranty bond shall become effective for any reason until five days after the written notice of the cancellation shall have been filed with the City Controller.
(1985 Code, § 36-9-2-4(g)) (Ord. passed 6-4-1903; Am. Ord. 5-1921, passed 4-5-1921; Am. Ord. 8-1923, passed 4-17-1923, Ord. 5-1927, passed 4-5-1927; Am. Ord. 3-1939, passed 3-22-1939; Am. Ord. 7-1939, passed 5-16-1939; Am. Ord. 2-1944, passed 5-4-1944; Am. Ord. 30-1953, passed 12-3-1953; Am. Ord. 26-1969, passed 10-21-1969; Am. Ord. 22-1970, passed 6-3-1970; Am. Ord. 23-1972, passed 10-4-1972; Am. Ord. 22-1974, passed 10-16-1974; Am. Ord. 17-1976, passed 8-4-1976; Am. Ord. 18-1978, passed 9-7-1978; Am. Ord. 5-1980, passed 2-19-1980; Am. Ord. 10-1981, passed 5-11-1981)