Every application for a license under this article shall be accompanied by a bond,
approved as to form by the city attorney, executed by a bonding or surety company
authorized to do business in the state, in the penal sum of $5,000.00, conditioned
upon payment by the licensee of any and all final judgments for damages resulting
to persons arising out of the operation or maintenance of any parking lot or garage.
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 or theft,
resulting from the operation or maintenance of such parking lot or garage. Such bond
shall remain in full force and effect for the full period of time for which the license
is effective. A liability insurance policy issued by an insurance company authorized
to do business in the state, conforming to the requirements of this section, may be
permitted in lieu of a bond.
(Ord. No. 94-04, § 15, 5-3-94)
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