The Treasurer shall investigate and hold a hearing upon each application for a taxicab license. If the Treasurer finds upon such investigation and hearing that the public convenience and necessity do not justify the operation of the vehicle for which such 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 for which such license is desired he shall forthwith notify the applicant. Within sixty days thereafter, the applicant shall furnish and file with the Treasurer the following:
(a) 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;
(b) The name of each person who will operate such taxicab, with the chauffeur's license number of each such person;
(c) A policy 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 City Attorney, 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 or death of one person in any one accident, three hundred thousand dollars ($300,000) on account of injury or death of more than one person in any one accident, and fifty thousand dollars ($50,000) for property damage caused in any one accident. In lieu of such policies of insurance, the applicant may furnish a bond binding the principal and sureties to liability for the payment of a judgement in such amounts, 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 City Attorney.
Thereupon, the Treasurer 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.