A. All persons submitting a proposal for the grant of a franchise in accordance herewith for an unbuilt cable communications system shall file with their proposals a corporate surety bond from a company authorized to conduct business in the State and approved by A. M. Best and Company, in the amount of five million dollars ($5,000,000.00) to assure the satisfactory completion of the construction of the cable system in accordance with this Chapter and the franchise agreement.
B. Any cable operator granted a franchise by the City shall obtain and maintain at is sole cost, and file with the City, a corporate surety bond from a company authorized to conduct business in the State and approved by A. M. Best and Company, in the amount of five hundred thousand dollars ($500,000.00), or a security fund in the amount of fifty thousand dollars ($50,000.00) shall be deposited in local depository chosen by the City, to guarantee the faithful performance by the operator of all obligations required in the franchise agreement, which shall be maintained throughout the term of the franchise agreement. (Ord. 90-85)