In the event a judgment is awarded against any licensee for damages resulting from negligence in the operation and/or maintenance of a drive-in restaurant by the licensee, which judgment is not satisfied within ninety (90) days after it becomes final, then the director of finance may require the licensee to post a bond, approved as to form by the city attorney, executed by a bond or surety company authorized to do business in the state in the penal sum of five thousand dollars ($5,000.00) conditioned upon the payment by the license of any and all final judgments against the licensee for injuries or damages resulting to persons or property arising out of negligence in the operation or maintenance of any drive-in restaurant. Such bond shall run to the city for the benefit of any person who may receive injuries, and for the benefit of any person who may claim redress for property damage resulting from negligence in the operation or maintenance of such drive-in restaurant. Such bond shall remain in full force and effect for the full period of time for which the license is effective. The director of finance shall have the authority to accept, in lieu of a bond, a liability insurance policy, issued by an insurance company authorized to do business in the state, which conforms to the requirements of this section.
(1953 Code, ch. 13, § 67; Ord. No. 1875, § 1, 12-15-58; Ord. No. 4382, § 2, 8-4-75)