No person shall conduct or carry on a public transportation service, under any of
the classifications set forth in this article, or be permitted to use and employ in
the conduct and carrying on of such business, any vehicle until he shall have first
filed with the city treasurer an indemnity bond in the sum of five thousand dollars
($5,000.00) for each and every such vehicle so used and employed, the indemnity bond
or bonds to be executed by a good and solvent surety company or companies duly authorized
to do business in the state, and shall contain the stipulation that in the event any
person who may sustain damages to his person or property as a result of the negligence
of the person conducting such business, or of his agent, servant, or employee, he
shall have his right of action on such indemnity bond as fully and to the same extent
as if the bond was made and executed directly in favor of the claimant for such damage.
The indemnity bond or bonds shall be submitted to, and shall first be approved by
the city clerk. The amount of the bond for each vehicle operated, as aforesaid, shall
always be maintained at that figure, and shall not be void upon first recovery but
shall be actionable against from time to time, until the full amount thereof is exhausted,
and in the event the amount thereof shall have been reduced by payment of damages
under the terms of these provisions, the person conducting the business aforesaid,
shall furnish an additional bond for such an amount so that at all times a bond or
bonds of indemnity for the sum of five thousand dollars ($5,000.00) shall be carried
on each and every vehicle used, employed and operated in such business.
(Code 1955, § 22-26)
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