Upon acceptance of a franchise, the grantee shall submit and maintain throughout the term of the franchise, a faithful performance bond in the amount of $100,000. The bond shall ensure compliance with all applicable laws, regulations, ordinances and provisions of this permit, shall provide for recoverable loss or damages, compensation, indemnification, reasonable attorney fees, cost of removal or abandonment of grantee’s property, and shall cover penalties of $100 per day for failure to meet the construction requirements of any franchise agreement.
(Ord. 2314, passed 1-25-2006) Penalty, see § 120.999