(A) Upon the effective date of a certificate of compliance granted by the Federal Communications Commission, the franchisee shall furnish proof of the posting of a faithful performance bond running to the city with good and sufficient surety approved by the city, in the penal sum of $10,000, conditioned that the franchisee shall well and truly observe, fulfill, and perform each term and condition of this chapter 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 surety thereof by the city for all damages resulting from the failure of the franchisee to well and truly observe and perform the provisions of this chapter or the franchise agreement. Such bond shall be maintained by the franchisee throughout the term of this permit. Written evidence of the payment of required payments shall be filed and maintained with the Clerk-Treasurer and the authority.
(B) Neither the provisions of this division nor any bonds accepted by the city pursuant thereto, nor any damage recovered by the city hereunder shall be construed to excuse unfaithful performance by the franchisee or limit the liability of the franchisee under this chapter or the franchise for damages, either to the full amount of the bond or otherwise.
(Ord. 2-1976, passed 8-2-76; Am. Ord. 3-1993, passed 4-19-93)