1186 ORD CREATING FRANCHISE TO NAMED GRANTEE FOR PRIVILEGE OF OPERATING MOTOR VEHICLES ON THE STREETS ETC OF COP

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AOL Said bond or policy of insuran.ee to further provide that na action lie therean or against the sureties or surety thereon until more t.han th3.rty dsys after a final judgment in faeor of said judgment csreditor againat the prinaipal.., not pending on appeal or wrlt of error is and remains unagtiafied. No eation for the indemnity againet loss prov3.ded by said bond or said polioy of insuranee shall lie against the sureties on aaid bond or against the insuranee aompany unless the aotion upon whi.ah suah judgment is sought to be Qolleoted waa brought withi.n twenty-fine months frotn the date of the act oomplained of.. urilees this provision be oontrary to State laws whiQh shall govern. The ssid bond shall be executed by two or more good and suff3aient eureties if natural persons are used as sureties, both of whom sha11 reside in Lamar County,, Teaas, or by a solvent surety oompany or insurance aompany authorized to do business in the ~-,tate of Texas. Provided, however, that in lieu of the insuranoe or bond provided for herein, the grantee may deposit with the 3ity Auditor United Sta.tes Government Bonds' United States Government Treasury Certificates, or 'Jity of Yaria bond.e, or aash,, in the aum or faae samowa,t of Ten Thouaand (410,000.00) Doziars, arid upon the receipt of sueh seauritiee, or aasti, it ahall be the duty of the "vity Secsretary to issue a recteipt thereforp a copy 4f whieh shall be furnished to the grantee and another aopy to be retained by the City Secaretarg. The Uity Secretary,, upan preaentation oF suah reaeipt,, eha1.1 thereupon certify to the Mayor that the graritee has csonplied with this seetion. It is expressly provided, however, that in the event of impairmen. of this seaurity, or the caah de- poeited herein, by aJudgment whiah remains unsatisfied or partially deplet~.s thia amount, that it shal.l be the duty of the grantee herein to repienish this fund by de- posit of additions3, aash or additional seourity of the aharacter mentioned herein~ within ten (10) days after being noti£ied to do so by the Mayor or Oity Secretary, It ia distinetly underatood that the Mayor or other offieer exercising the same or sinzilar poweras may from time to time require the grantee to furnish detailed information ae to the nature, amount and aharacter of any and all alaims that are being a9serted aga3.nst the said grsntee by members of the publie. If at any time the Meyor, or suoh other offiaer aotin,g in a similar capaoity, aonsiders the protection provided by the grantee to the general publia inadequatef then, in that event, such offiQer shall have the power to require the grantee to furn3sh additionsl proteation, and grgntee shall comply with suah order within thirty (30) daya. -4-