It is the duty of the chief of police to maintain a rotation list of tow truck operators. Placement on the list shall be contingent upon the tow truck operator being registered with the Department of Motor Vehicles for the state of Washington, and on proof that the operator has posted with the state of Washington a bond in the amount of three thousand dollars $3,000.00). Any tow truck operator under contract to the city shall comply with such administrative regulations relative to the handling and disposing of vehicles as may be promulgated by the finance director or chief of police.