2014 Arkansas Code
Title 14 - Local Government
Subtitle 3 - Municipal Government
Chapter 57 - Regulation And Taxation Of Vehicles By Municipalities
Subchapter 3 - Regulation of Taxicab Operators
§ 14-57-306 - Surety bond requirement.
(a) No permit shall be granted under ยง 14-57-304 until and unless the applicant shall file with the governing body of the city or town a surety bond of a corporate surety authorized to do business in this state, in such amount as the city or town shall determine, conditioned upon the applicant establishing, maintaining, and continuing the proposed service until such time as the permit issued to applicant is cancelled, withdrawn, or has expired.
(b) If the applicant fails to comply with the provisions of the bond, the city or town shall forfeit such amount of the bond as it shall deem necessary to adequately compensate the city or town for loss of the applicant's service.
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