Upon the effective date of the franchise agreement, the franchisee shall furnish proof of the posting of a faithful performance bond running to the Authority with good and sufficient surety approved by the Authority, in an initial sum to be determined by the Authority. The bond shall be conditioned that the franchisee shall observe, fulfill and perform the term and conditions of the Bowling Green-Warren County Ordinance for regulation of Cable Communications and the franchise agreement, and that in the case of any breach of condition of the bond, the amount thereof shall be recoverable from the principal and the surety, jointly and severally, by the Authority for all damages resulting from the failure of the franchisee to observe and perform the provisions of this ordinance or the franchise agreement. The bond shall be maintained at its required level by the franchisee throughout the term of the franchise and written evidence of the required payments shall be filed and maintained with the Offices of the City Manager, the County Judge/Executive and the Authority.