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City Council Meeting <br />June 11,2001 <br />Page 12 <br /> <br />PARIS FOR THE PURPOSE OF TRANSPORTING PAS SENGER FOR HIRE <br />IN MOTOR VEHICLES FOR A PERIOD OF ONE (1) YEAR, BEGINNING <br />JULY 13, 2001, THE DATE OF TERMINATION OF THE EXISTING <br />FRANCHISE, AND ENDING JULY 12, 2002, UPON THE TERMS AND <br />CONDITIONS HEREINAFTER PRESCRIBED; PROVIDING FOR THE <br />REGULATION OF SAID BUSINESS; PROVIDING FOR THE PAYMENT <br />OF A TAX FOR SUCH PRIVILEGE AND USE OF SUCH STREETS, <br />ALLEYS, AND HIGHWAYS; PROVIDING FOR THE TERMINATION OF <br />SUCH GRANT UPON SPECIFIED CONDITIONS; PROVIDING FOR <br />TAXICAB STANDS FOR USE OF SAID GRANTEE; PROVIDING FOR <br />PUBLIC LIABILITY INSURANCE ON THE MOTOR VEHICLES AND <br />EQUIPMENT OF SAID GRANTEE; PROVIDING FOR THE SUPERVISION <br />OF SAID BUSINESS AND INSPECTION OF ITS VEHICULAR <br />EQUIPMENT BY THE OFFICIAL OF THE CITY OF PARIS; AND <br />PROVIDING AN EFFECTIVE DATE, WAS PRESENTED. <br /> <br />City Attorney Schenk advised the City Council that he has had an inquiry about <br />the insurance requirements and he was recommending a reduction in coverage <br />to $25,000.00 per occurrence, $50,000.00 per event for personal injury <br />coverage, and $25,000.00 for property damage. The City Attorney advised that <br />this enhanced insurance coverage is consistent with today' s insurance demands <br />and other prior city ordinances, but Mr. Raney has indicated that he prefers the <br />minimum coverage required by law, which is $20,000.00 per occurrence, <br />$40,000.00 per event for personal injury coverage, and $15,000.00 for property <br />damage. City Attorney Schenk also pointed out that the franchise is for a one <br />year duration in anticipation of consideration of a new regulatory ordinance. <br /> <br />Mr. Steve B. Raney, 3760 Woodland Lane, owner of the Yellow Cab Company, <br />came forward stating that his insurance agent has advised him that anything <br />above the state minimum requirements would not be available for him. Mr. <br />Raney said his agent has found automobile liability coverage in the amount of <br />$25,000/$50,000/$25,000. Mr. Raney gave a brief history of his business for <br />the past seven years and discussed the cost of the higher limits of liability with <br /> <br /> <br />