(A) The grantee, concurrently with the filing of and acceptance of award of any franchise granted under this chapter, shall file with the City Clerk, and at all times thereafter maintain in full force and effect for the term of such franchise at the grantee's sole expense, a corporate surety bond in a company approved by, and in a form to be approved by, the City Attorney in the amount of $50,000, renewable annually, and conditioned upon the faithful performance of the grantee, and upon the further condition that in the event the grantee shall fail to comply with any one or more of the provisions of this chapter, or of any franchise issued to the grantee under this chapter, there shall be recoverable jointly and severally from the principal and surety of such bond any damages or loss suffered by the city as a result thereof, including the full amount of any compensation, indemnification, or cost of removal or abandonment of any property of the grantee as prescribed in this chapter which may be in default, plus a reasonable allowance for attorney's fees and costs, up to the full amount of the bond; said condition to be a continuing obligation for the duration of such franchise and thereafter until the grantee has liquidated all of its obligations with the city which may have arisen from the acceptance of such franchise by the grantee or from its exercise of any privilege therein granted. The bond shall provide that 30 calendar days' prior written notice of intention not to renew, cancellation, or material change be given to the city. The bonding requirement may be satisfied by a letter of credit maintained with a bank which may similarly be assessed by the city.
(B) Neither the provisions of this section, or any bond or letter of credit accepted by the city pursuant thereto, nor any damages recovered by the city thereunder, shall be construed to excuse faithful performance by the grantee or limit the liability of the grantee under any franchise issued under this chapter or for damages, either to the full amount of the bond or letter of credit or otherwise.
('66 Code, § 5-5.18) (Ord. 590-C-S, passed 9-11-84)