(a) No license shall be issued, and no parking lot shall be operated, pursuant to this chapter, until and unless the licensee under this chapter has deposited with the Village Clerk a bond or property liability insurance policy in the amount set forth in paragraph (c)(3) hereof. The bond or insurance policy shall be with one or more adequate sureties or a surety company acceptable to the Board of Trustees and conditioned that the licensee will pay all final judgments rendered against him or her for damages arising during the period such bond or insurance policy is in force from the operation of any motor vehicle in such parking lot or from the loss, damage, theft or conversion of any motor vehicle parked therein.
(b) Any person who sustains damage by reason of the violation of any provision of such bond or insurance by any licensee may institute suit upon the same and recover any judgment that may be obtained by reason of such suit.
(c) The bond or insurance policy shall meet the following requirements:
(1) It shall contain a provision that it continues in force until ten days after written notice of cancellation has been delivered to the Clerk or until the license of the applicant has been revoked.
(2) The obligation of the bond or insurance policy shall not exceed the principal amount of the bond.
(3) The bond or insurance policy shall be in the following amounts:
A. Where the licensee conducts one lot - ten thousand dollars ($10,000);
B. Where the licensee conducts two lots - fifteen thousand dollars ($15,000);
C. Where the licensee conducts three lots - twenty thousand dollars ($20,000); and
D. Where the licensee conducts four or more lots - twenty-five thousand dollars ($25,000).
(1976 Code 6-70.)