(a) The Manager or other chief administrative officer shall investigate and hold a hearing upon each application for the license required under this chapter. If the Manager or other chief administrative officer finds, upon such investigation and hearing, that the public convenience and necessity do not justify the operation of the vehicle for which the license is desired, he or she shall forthwith notify the applicant of his or her findings. If the Manager or other chief administrative officer finds from such investigation and hearing that the public convenience and necessity do justify the operation of the vehicle or vehicles for which the license is desired, he or she shall forthwith notify the applicant. Within sixty days thereafter, the applicant shall furnish and file with the Chief of Police the following:
(1) A full transcript of the information appearing on the certificate of title of each vehicle for which the license is desired and the State license number of each such vehicle;
(2) An unexpired official certificate from the State Highway Patrol stating 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 such vehicle is roadworthy and safe for operation as a taxicab;
(3) The name of each person who will operate the taxicab or taxicabs; and
(4) 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 as to legality by the Solicitor, providing indemnity for or protection to the applicant against loss resulting from the operation of each such taxicab to the extent of one hundred thousand dollars ($100,000) on account of injury to or the death of one person in any one accident; three hundred thousand dollars ($300,000) on account of injury to or the death of more than one person in any one accident; and fifty thousand dollars ($50,000) for property damage caused in any one accident.
(b) In lieu of the policies of insurance above described, the applicant may furnish a bond binding the principal and sureties to liability for the payment of a judgment or judgments to the extent of one hundred thousand dollars ($100,000), three hundred thousand dollars ($300,000) and fifty thousand dollars ($50,000), respectively, as set forth in paragraph (a)(4) hereof, with at least two approved persons as sureties or one approved corporate surety approved as to sufficiency by the Director of Finance and as to legality by the Solicitor.
(c) Thereupon, the Manager or other chief administrative officer shall examine such supporting information and documents and, being satisfied that the applicant is the owner of any such 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, upon payment of the prescribed license fee, issue a license to the applicant.
(d) A certified copy of such license shall be exhibited in a prominent place in each taxicab at all times.