Grantee may be required to obtain and maintain throughout the term of the franchise, at its sole cost, a corporate surety bond from a company authorized to do business in the State of California. The bond will guarantee performance by grantee of all the provisions and obligations of the franchise (other than construction). The bond shall be filed with the City Clerk within 45 days after the award, renewal or transfer of a franchise and shall be in the form specified and approved by the City Attorney. Bond requirements, including amount, shall be specified in the franchise agreement.
(Ord. 4315, passed 11-12-96)