The Mayor shall investigate and hold a hearing upon each application for a license. If the Mayor finds upon such investigation and hearing that the public convenience and necessity do not justify the operation of the vehicle for which license is desired, he shall forthwith notify the applicant of his findings. If he finds from such investigation and hearing that the public convenience and necessity do justify the operation of the vehicle or vehicles for which license is desired, he shall forthwith notify the applicant. Within sixty days thereafter, the applicant shall furnish and file with the Clerk the following:
(a) 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 such vehicle.
(b) An unexpired official certificate from an authorized motor vehicle inspection station of the Municipality, or if none exists from a neighboring City, 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.
(c) The name of each person who will operate such taxicab, with chauffeur's license number of each such person.
(d) 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 Treasurer, 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 twelve thousand five hundred dollars ($12,500) on account of injury or death of one person in any one accident; twenty-five thousand dollars ($25,000) on account of injury or death of more than one person in any one accident; and seven thousand five hundred dollars ($7,500) for property damage caused in any one accident.
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 twelve thousand five hundred dollars ($12,500), twenty-five thousand dollars ($25,000) and seven thousand five hundred dollars ($7,500) respectively, as above set forth, with at least two approved persons as sureties or one approved corporate surety approved as to sufficiency by the Treasurer and as to legality by the Solicitor.
Thereupon, the Mayor 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 shall, upon payment of the prescribed license fee, issue a license to the applicant. A certified copy of such license shall be exhibited in a prominent place in each taxicab at all times.