No certificate shall be issued or contained in operation unless there is in full force and effect an indemnity bond for each vehicle authorized in the amount of $100,000 for bodily injury to any one person; for injuries to more than one person which are sustained in the same accident, $300,000; and for property damage resulting from any one accident, $5,000. The bond shall inure to the benefit of any person who shall be injured or who shall sustain damage to property proximately caused by the negligence of a holder, his servants, or agents. The bond shall be filed in the office of the City Clerk-Treasurer and shall have as surety thereon a surety company authorized to do business in the state.
(Ord. 1262, passed 8-24-70)