No owner
of a motor vehicle registered in this State shall operate the vehicle,
or authorize any other person to operate the vehicle, upon the streets
or the alleys of this City, unless the owner maintains the financial
responsibility as required in this Section. Furthermore, no person
shall operate a motor vehicle owned by another with the knowledge
that the owner has not maintained financial responsibility unless
such person has financial responsibility which covers his/her operation
of the other's vehicle.
For purposes of this Section, the term "financial responsibility" shall mean the ability to respond in damages for liability on account
of accidents occurring after the effective date of proof of said financial
responsibility, arising out of the ownership, maintenance or use of
a motor vehicle, in the amount of twenty-five thousand dollars ($25,000.00)
because of bodily injury to or death of one (1) person in any one
(1) accident, and, subject to said limit for one (1) person, in the
amount of fifty thousand dollars ($50,000.00) because of bodily injury
to or death of two (2) or more persons in any one (1) accident, and
in the amount of ten thousand dollars ($10,000.00) because of injury
to or destruction of property of others in any one (1) accident.