§ 26-50. Surety bond.

No permit to operate a taxicab shall be issued by the board of directors until the applicant for permit files with the city clerk a bond signed by a corporate surety authorized to do business in the state, in a form approved by the qualified and licensed attorneys at law contracted to provide legal services pursuant to sections 2-111—2-113 of this Code, in the amount of five thousand dollars ($5,000.00) conditioned upon such applicant for permit establishing, maintaining and continuing the proposed service until such time as the permit issued to applicant is canceled, withdrawn or has expired. If the applicant fails to comply with the provisions of the bond, the city shall forfeit the bond as compensation to the city for loss of applicant's service.

(Code 1976, § 32-37; Ord. No. 3-02, § 5, 1-22-02)

State law reference

Surety bond, A.C.A. § 14-57-306.