§ 27-40. Same—Bond, insurance prerequisite to issuance.

As a condition precedent to obtaining a permit required by this division, every person operating as owner or driver one (1) or more vehicles carrying persons for hire in the city shall enter into a bond in the sum of five hundred dollars ($500.00) conditioned upon the faithful observance of the laws as well as the rules, regulations and ordinances of the city governing the operation of taxicabs in the city. The bond is to be approved and filed with the city clerk. In addition to such bond, all persons operating a taxicab business in or over the streets of the city shall file with the city clerk an indemnity bond or a liability insurance policy executed by an insurance or surety company authorized to do business in the state in the minimum amount of ten thousand dollars ($10,000.00) for injury or damage to one (1) person and twenty thousand dollars ($20,000.00) for injury or damage resulting from any one (1) accident and ten thousand dollars ($10,000.00) for injury or damage to property, conditioned that the person filing same will satisfy any or all judgments and decrees rendered against them in favor of any and all persons for personal injuries or property damage caused by the operation of such vehicle, and to indemnify and save harmless the city, its officers or agents from any and all judgments, causes of action, costs and expenses of defending any suit or cause of action that might be brought, arising from or growing out of operation of taxicabs by the principal or his agents, lessees, successors, assigns, or operating under the trade name, or operating out of the terminal of the principal.

(Ord. of 5-22-50, § 5)