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Chapter 60 <br /> increase of traffic and of the demand for parking space, whether or not the safe use of the streets <br /> by vehicles and pedestrians will be preserved and such other relevant facts as he shall deem <br /> requisite or advisable. <br /> 7. COUNCII. REVIEW. The Council shall consider said report and may make such <br /> additional investigation as it deems advisable and shall determine whether or not the public <br /> convenience and necessity requires the proposed taxicab service and whether or not such license <br /> shall be granted and shall cause the applicant to be notified accordingly. <br /> 8. INSURANCE. Each operator must carry public liability insurance on each licensed <br /> taxicab in the amount of Fifty Thousand Dollars ($50,000.00) minimum for each person, and One <br /> Hundred Thousand Dollars ($100,000.00) minimum for each accident for death or personal <br /> injury, and property damage in the amount of Ten Thousand Dollars ($10,000.00) for each <br /> accident. Such insurance must be kept in force at all times and if any such insurance expires, such <br /> operator must at once cease operation of any taxicabs on the streets of the City. Certificates of all <br /> insurance must be kept on file in the Finance Department at all times. Such insurance company <br /> must be one licensed to do business in the State of Illinois. <br /> 9. ISSUANCE OF LICENSE. The Finance Department shall issue all licenses <br /> hereunder only (a) upon favorable action by the Council, and; (b) upon evidence that applicant <br /> has filed his certificates of insurance with a showing that all required insurance policies are in <br /> force and effect, and; (c) upon certificate or report by the Chief of Police that each vehicle to be <br /> used complies with requirements hereinafter set out; anc� (d)upon payment of the fees required. <br /> 10. RENEWAL OR TRANSFER. A. No license shall be renewed or transferred from <br /> one taxicab to another by the Finance Department except upon proof of compliance with the <br />