(A) Each franchise applicant shall file with its application for a franchise, and at all times thereafter until the filing of a final notice of completion, pursuant to § 111.077, maintain, in full force and effect, an acceptable corporate surety bond issued by a surety licensed therefor by the state in an amount equal to:
(1) The grantee’s estimate of the total cost of construction of the cable system within the franchise area; or
(2) That determined to be appropriate by the Town Council after allowing the grantee an opportunity to provide information for the Council’s consideration in making this determination.
(B) Prior to the issuance of a final order of completion pursuant to § 111.077 of this chapter, the amount of the aforesaid corporate surety bond shall be reduced to an amount equal to $50 for each dwelling unit located within the franchise area upon the date of the notice of final completion, and maintained at the same amount at all times thereafter during the operation of the cable system, unless the Town Council determines that a bond in a lesser amount is appropriate.
(C) Neither the provisions of this section, any bond accepted pursuant thereto, nor any damages recovered thereunder shall be construed to excuse faithful performance by the grantee, or to limit the liability of the grantee under the franchise or for damages, either to the full amount of the cancellation by the surety during the term of the franchise, whether for failure to pay a premium or otherwise, without 30 calendar days’ advance written notice mailed by the surety to the Clerk-Treasurer. The form of the bond and surety shall be subject to the approval of the Town Council.
(2011 Code, § 111.050) (Ord. 2000-4, passed 7-17-2000)