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on file in the office of the Controller, and in force and effect a <br />current policy of insurance in an amount of not less than fifty <br />thousand dollars ($50,000.00) for injury to or destruction of property <br />as a result of any one occurrence and a public liability policy <br />covering accidental bodily injury, including death, to any member <br />of the public in an amount of not less than one hundred thousand <br />dollars ($100,000.00) for all public liability from any one occurrence. <br />Said policy shall be updated annually and on file with the office <br />of theController before any issuance of a certificate of public <br />convenience and necessity. <br />(2) The policy of insurance shall insure the owner <br />and his agent against liability for the payment of any final <br />judgment, less any deductible amounts, that may be rendered against <br />the owner and /or his agent for damages to the property or person of <br />others or for damage for the wrongful death of others, resulting from <br />any accident or collision for which the owner and /or his agent will be <br />liable onaccount of any act of negligence in the operation of the <br />taxicab, or which may arise or result from any violation of any of <br />the provisions of this articleor the laws of the State, by him or <br />any agent.' <br />(3) The policy of insurance on file in the office of the <br />Controller shall contain the following provision: "The City, . <br />through the office of the Controller, will be given fifteen (15) days' <br />notice prior to the effective date of the cancellation or other <br />material change of this policy.'# <br />(jj) Payment of fee prerequisite to issuance; exception. <br />(1)No certificate shall be issued until the holder has <br />paid an initial license fee of Five xunarea /(.i�rs for the right <br />to engage in the taxicab business andThir y- Fivers each <br />year for each vehicle operated under a certificate of public <br />convenience and necessity. The license fees shall be in addition to <br />any other license fees or charges established by proper authority <br />and applicable to the holder or the vehicle under his operation and <br />control. <br />($soo.00) <br />(2) Theinitial license fee of Five Hundred/ dollars, <br />as provided for in this sub - section, shall not apply to persons now <br />having a valid certificate of public convenience and necessity. <br />(kk) Transferability. <br />No certificate of public convenience and necessity may <br />be scold, assigned, mortgaged or otherwise transferred without the <br />consent of the Board of Public Works. <br />(11) Suspension or revocation; notice. <br />(1) A certificate issued under the provisions of this <br />section may be revoked or suspended by the Mayor pursuant to the <br />provisions of section 4 -16, if the holder thereof has: <br />(a) violated any of the provisions of this section. <br />(b) discontinued operation for more than ten (10) <br />days; <br />(c) violated this Code or any ordinance of the City <br />or the laws of the United States or the State, the <br />violation of which reflects unfavorably on the <br />fitness of the holder to offer public transportation. <br />(2) Prior to suspension or revocation, the holder <br />shall be given notice of the proposed action to be taken and have an <br />opportunity to be heard. <br />- 54- <br />