Any applicant or licensee shall file with the City Clerk a bond in the sum of $5,000, with proper and adequate sureties, conditioned that each taxicab will be operated in accordance with the provisions of the laws of the State of Michigan and the Charter, ordinances and code of the city and that any judgment rendered in any court against such applicant or the driver of any taxicab arising out of damage or injury to any person or property caused by the negligent operation of any such taxicab will be paid. Any person damnified by the negligent operation of any taxicab belonging to the applicant, whether operated on lease from the applicant or otherwise may, in the name of the city but at his own sole costs and charges, institute an action upon the same.
(1990 Code, § 7.94)