14-57-202. Cash indemnity bonds of passenger carriers.
In any case where ordinances of any municipality require persons, firms, corporations, or associations operating motor-propelled vehicles for transportation of persons for compensation to procure liability insurance or indemnity bonds, it shall be a substantial compliance with the ordinances if the persons, firms, corporations, or associations furnish a cash indemnity bond conditioned on the same conditions as required on liability insurance policies and in such amount as required for liability insurance policies.