A. Filing of Bond. The grantee of any franchise granted pursuant to this chapter shall, at least thirty days prior to the commencement of operation, file with the city a performance bond in the amount specified in the franchise in favor of the city for all losses and damages the city may sustain as a result of any act or omission of the grantee, its employees, agents, and contractors arising from the operation or termination of the services under the franchise, and including the payments required to be made to the city hereunder. Such bond shall be obtained from an insurance company licensed to do business in the State of California with a Best’s Guide rating of “B” or better, or, in the alternative, an unlicensed, U.S. domiciled company with a Best’s Guide rating of “A”, and shall be in a form approved by the city attorney.
B. No Limitation of Liability. In no event shall the amount of such bond be construed to limit the liability of the grantee for damages.
(Ord. 2107 §1)