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On the effective date of the franchise, the company shall establish a permanent security fund with the Village in the amount of fifty thousand dollars ($50,000.00) in cash, an irrevocable letter of credit, corporate surety bond or other instrument which complies with the requirements of this Chapter and is approved by the Village Attorney, which approval shall not be unreasonably withheld. The security fund shall be maintained at the sole expense of the company so long as any part of the system is located within the public ways of the Village.
A. The fund shall serve as security for the full and complete performance of this Chapter and the franchise agreement, including payment of any costs, expenses, damages or loss the Village pays or incurs because of any act or omission attributable to the company that constitutes a violation, default or failure to comply with the codes, ordinances, rules, regulations or permits of the Village, and the payment of any liquidated damage amounts, penalties, judgments, fees or taxes due the Village.
B. In the case of any default or failure of the company to pay any liquidated damages, penalties, judgments, fees or taxes due the Village in connection with the construction, operation or maintenance of the cable system and the provision of cable service within the Village pursuant to the franchise, the Village may assess the security fund pursuant to the applicable procedures set forth in Section 54.50 of this Chapter, or in the franchise agreement.
C. The company shall promptly pay any undisputed liquidated damages, penalties, judgments, fees or taxes due the Village. If the company fails to pay any undisputed amounts due the Village within thirty (30) days after written notice from the Village, the Village may withdraw the amount stated in the notice from the security fund.
D. The company shall replenish the security fund to its full amount within thirty (30) days after written notice from the Village that monies have been withdrawn from the fund.
E. The rights reserved to the Village with respect to the security fund are in addition to all other rights and remedies of the Village, whether reserved by this Chapter or authorized by law, and no action or proceeding to exercise rights with respect to the security fund shall constitute an election of remedies or a waiver of any other rights the Village may have. (Ord. 00-05-10)