(a) Within thirty days after the award of a franchise, the grantee shall file with the Clerk/Treasurer a performance bond in the amount of two hundred fifty thousand dollars ($250,000) in favor of the Village. This bond shall be maintained throughout the construction period for the initial service area of the franchise.
(Ord. 39-80. Passed 9-2-80.)
(b) In the event that the grantee fails to comply with any law, ordinance or regulation governing the construction of the cable television system, or fails to well and truly observe, fulfill and perform each term and condition of the franchise pertaining to such construction, including proposals contained in the grantee's application for the franchise which are incorporated herein by reference, there shall be recoverable, jointly and severally, from the principal and surety of the bond, any damage or loss suffered by the Village as a result, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of the grantee, plus a reasonable allowance for attorney's fees, including the Village's legal staff, and costs, up to the full amount of the bond.
(c) The Council shall, upon completion of construction of the initial service area, waive the requirement of the grantee to maintain said bond; however, the Council may require a performance bond to be posted by the grantee for any construction subsequent to the completion of the initial service area in a reasonable amount and upon such terms as determined by the Council.
(d) The bond shall contain the following endorsement:
“It is hereby understood and agreed that this bond may not be cancelled by the surety nor the intention not to renew be stated by the surety until thirty days after receipt by the Village of Brooklyn Heights, Ohio, by registered mail, of a written notice of such intent to cancel or not to renew.”
(Ord. 16-80. Passed 5-20-80.)