A. The solid waste contractor issued an exclusive franchise shall file with the city manager, and at all times thereafter maintain in full force and effect for the term of the exclusive franchise, at the solid waste contractor's sole expense, a corporate surety bond with a company and in a form to be approved by the city attorney, in the minimum amount of $1,000,000.00, continuous in form and conditioned upon the faithful performance by the solid waste contractor of all the terms and conditions of the franchise agreement and the provisions of this chapter, including the duty to not cause damage to public property; and, further, in the event the solid waste contractor shall fail to comply with any one or more of the provisions of this chapter, there shall be recoverable jointly and severally from the principal and surety of such bond any damages or loss suffered by the city as a result thereof, including a reasonable allowance for attorney's fees and costs, up to the full amount of the bond, such condition to be a continuing obligation for the duration of such franchise agreement and thereafter until the solid waste contractor has liquidated all of its obligations with the city that may have arisen from the execution of such franchise agreement. The bond shall provide that ten (10) days' prior notice of intention not to renew, cancellation, or material change, be given to the city.
B. The council shall have the authority at any time during the term of the franchise agreement to require the amount of such bond to be increased to a greater sum than the minimum sum herein provided, if, in the exercise of its discretion as determined by resolution, such increase is required for the better protection of the rights and interests of the city. Such additional bond, if so required, shall be furnished and delivered by the solid waste contractor to the city within 30 days from the receipt of a copy of such resolution.
C. Neither the provisions of this section, any bond accepted by the city pursuant thereto, nor any damages recovered by the city thereunder shall be construed to excuse faithful performance by the solid waste contractor, or limit the liability of the contractor under such franchise agreement, or for damages, either to the full amount of the bond or otherwise.
(Ord. 2497 §2)