In lieu of an insurance policy as required by § 58-23-1220 a bond or bonds may be filed with the governing body of the county in the sum of not less than five thousand dollars for personal injuries and one thousand dollars for property damages in any one accident, such bond or bonds to be given by the owner of the taxi with good and sufficient surety providing for the payment of any damages or injuries that may result in the operation of the taxi on substantially the same terms and conditions as the usual liability insurance policy. The surety on any such bonds as may be as follows: (a) cash deposited with the governing body of the county, (b) bonds of this State, or the United States of a face value equal to the amount of the surety bond or (c) any responsible surety or bonding company licensed to transact business in the State and in such county. The form and sureties on the bond and all matters incidental to the filing thereof shall be approved by the governing body of the county.