(a) Any person holding one (1) or more permits for taxicabs or motor vehicles for hire issued pursuant to the provisions of this chapter, may file with the Board of Review an application for the holding in escrow of any number of the permits held by the applicant. Application for such escrow shall be made to the Board on blanks furnished by the Director and shall set forth such information as may be required by the Board. The Board of Review shall conduct an investigation and hold a hearing as to each application for the escrow of permits. If the Board finds from such investigation and hearing that the public convenience and necessity justify the escrow of all or a part of the permits designated in the application, they shall forthwith notify the applicant, the Director and the Officer indicating the permits as to which the application is granted. The applicant shall thereupon deposit with the Officer all the metal tags issued for the escrowed permits and shall be entitled to a certificate from the Director certifying that the permits of the vehicles designated are escrowed.
(b) No insurance or bond shall be required during the period for which the escrow is in effect. During the time of escrow the permittee may sell or otherwise dispose of any vehicle the permit of which has been duly escrowed.
(Ord. 304-08. Passed 10-7-08.)