(A) The Municipal Manager shall investigate and hold a hearing on each application for a license. If the Municipal Manager finds on the investigation and hearing that the public convenience and necessity do not justify the operation of the vehicle for which license is desired, he or she shall forthwith notify the applicant of these findings. If he or she finds from the investigation and hearing that the public convenience and necessity do justify the operation of the vehicle or vehicles for which license is desired, he or she shall forthwith notify the applicant. Within 60 days thereafter, the applicant shall furnish and file with the Director of Finance and Records the following:
(1) A full transcript of the information appearing on the certificate of title of each vehicle for which license is desired, and the state license number of each vehicle.
(2) An unexpired official certificate from an authorized motor vehicle inspection station of the municipality, or if none exists, from a neighboring city in the state, that each vehicle for which a license is desired has been inspected and tested and found to meet the standards fixed by statute and that each vehicle is roadworthy and safe for operation as a taxicab.
(3) The name of each person who will operate the taxicab, with the commercial driver's license number of each such person.
(4) Insurance or bond.
(a) A policy or policies of liability insurance issued for the life of the license applied for or longer, by a responsible insurance company, approved as to sufficiency by the Director of Finance and Records and as to legality by the Director of Law, providing indemnity for or protection to the applicant against loss resulting from the operation of each taxicab to the extent of $25,000 on account of injury or death of one person in any one accident; $50,000 on account of injury or death of more than one person in any one accident; and $25,000 for property damage caused in any one accident.
(b) In lieu of the policies of insurance above described, applicant may furnish a bond binding the principal and sureties to liability for the payment of a judgment or judgments to the extent of $25,000, $50,000, and $25,000, respectively, as above set forth, with at least two approved persons as sureties or one approved corporate surety approved as to sufficiency by the Director of Finance and Records and as to legality by the Director of Law.
(B) Thereupon, the Municipal Manager shall examine the supporting information and documents and being satisfied that applicant is the owner of any vehicle, that the same is a safe and fit conveyance, and that satisfactory insurance or bond has been issued and is in force thereon, he or she shall, on payment of the prescribed license fee, issue a license to the applicant.
(C) A certified copy of the license shall be exhibited in a prominent place in each taxicab at all times.
('80 Code, § 111.04) Penalty, see § 113.99