(A) The initial license fee for each person, desiring to qualify and be licensed to operate a taxicab service shall be $6 to be paid upon the granting of the license. Thereafter, $6 per quarter shall be paid in advance on the first day of the next following months of January, April, July and October of each year. No refund shall be allowed for any unexpired part of any license fee for operating a taxicab service or for operating any taxicab.
(B) In order that the Common Council or the Mayor shall receive reasonable and proper notice in writing of the termination of a taxicab service at least 60 days prior to the actual termination thereof, the owner or owners or holder of the license shall, at the time of application for a taxicab license, execute a good and sufficient bond to the city in the amount of $5,000. The bond shall, by its terms and conditions, directly inure to the benefit of the city in the event that the licensee fails to give reasonable and proper notice of termination of taxicab service as herein provided. The bond shall provide that the bonding company or surety shall manage, operate, or otherwise provide the management of the taxicab service for a period of 60 days after the actual notification date of termination of service in the event that the taxicab service company is unable to continue in operation for that 60-day period.
(C) The bond shall be executed only for the purpose of assuring the timely notice of termination of a taxicab service or firm, and neither the existence nor the payment thereof nor the operation of the service by the bonding company or surety shall obligate the city, the surety or sureties, or the taxicab owner, owners, or licensee, their agents and assigns, to make any payment to any person for any other reason.
(D) Any suit or action against the surety or sureties on the bond shall be brought after the filing of a verified statement of failure of proper notice of termination, and shall be commended within 60 days of the date of the actual termination of the taxicab service.
(‘89 Code, § 46.04)
(E) No license shall be transferred from one taxicab to another or from one person to another.
(‘89 Code, § 46.05)