(A) Grantee shall establish and maintain throughout the term of the franchise a letter of credit in favor of the city. The letter of credit shall serve as security for the faithful performance by grantee of all the provisions and obligations of the franchise. The letter of credit shall be established 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. Specific requirements pertaining to the letter of credit, including amount, shall be specified in the franchise agreement.
(B) Grantee shall restore the letter of credit to the original amount within 30 days after notice from the city that an amount has been withdrawn.
(Ord. 4315, passed 11-12-96)