No person shall receive a license to operate public vehicles until he has filed with the City Auditor a personal bond with at least two sureties, approved by the Auditor, a corporate surety bond or policy for insurance from a responsible company authorized to do business in Ohio, approved by the City Auditor in such sums as are set out herein, which shall insure the person operating public vehicles against loss sustained by reason of death of or injury to persons and for loss for damages to property from the negligence of such person. If the Auditor finds that any person operating public vehicles has an excess of assets over liabilities of over one million dollars ($1,000,000), he shall not require any sureties on a bond filed under the provisions of this chapter.
(Ord. 1339-1929. Passed 5-20-29.)