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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. Bodilyjury -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 />a <br />. <br /> <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 $~-A9;A88:-89 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 $~AA;99~88 $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`h day of <br />January, 2012. , <br />J n J. ietz, Ma r <br />ATTEST: <br />1- <br />• Tina Allard, City Clerk <br />Page 3 of 3 <br />