Each application for a license shall be accompanied by a bond to the benefit of the City in the penal sum of not less than or equal to one year's revenue to be realized by the licensee from its operations in the City, which bond shall be signed by an approved surety duly authorized to do business in the State, and which bond shall be conditioned on the licensee's compliance with all of the laws of the State, the ordinances of the City and the approved rules and regulations of the City pertaining to the collection, removal and transportation of solid waste, as well as the legal rights of all persons who are served by or might be injured by the licensee. Such bond shall remain in full force and effect for a period of ninety days after the expiration or cancellation of any such license.
Each licensee shall maintain for each vehicle the security required by law, and additional security sufficient to pay one million dollars ($1,000,000) for one person injured in an accident and one million dollars ($1,000,000) for all other persons injured in an accident, and shall deposit, prior to the issuance of the license, certificates of insurance with the City Clerk indicating such coverage. The licensee shall also carry one million dollars ($1,000,000) of liability insurance to insure and protect the public from the risk of physical or property damages as well.
Further, the City may require of private and City contractors other bonds of insurance, including workers's compensation insurance, to assure the City that the obligations of the contractors will be sufficiently performed and discharged and the safety of the City will be protected in the event that they are not.
(Ord. 1992-35. Passed 11-17-92.)