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and until the applicant has provided the proof of financial responsibility with regard to liability imposed by <br />Minn. Stats. ~ 340A.801. The issuing authority must submit to the commissioner the applicant's proof of <br />financial responsibility. The requirement for proof of financial responsibility shall be fulfilled by filing the <br />following: <br />(1) A certificate that there is in effect an insurance policy or pool providing minimum coverages of: <br />a. Bodily injury -each person limit 500 000 <br />Bodily injury -each occurrence limit 500 000 <br />Property Damage -each occurrence limit 500 000 <br />Loss of means of support -each person limit 500 000 <br />Loss of means of support -each occurrenc3 limit 500 000 <br />Annual aggregate limit 1 Million <br /> <br />a. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />(2) A bond of a surety company with minimum coverages as provided in subsection (a)(1) of this <br />section; or <br />(3) A certificate of the state treasurer that the licensee has deposited with him $498;89A:A8 1 million <br />in cash or securities which may legally be purchased by savings banks or for trust funds having a <br />market value of $4-AA;~99:98 $1 million. <br />Section 3. That this ordinance shall take effect upon publication as provided by law. <br />Passed and adopted by the City Council of the City of Elk River this 17`" day of <br />January, 2012. <br />John J. Dietz, Mayor <br />ATTEST: <br />Tina Allard, City Clerk <br />Page 3 of 3 <br />