(A) Unless otherwise provided in a franchise agreement, a performance bond written by a corporate surety acceptable to the Town equal to at least 50% of the estimated cost of constructing the franchisee’s telecommunications facilities within the streets of the Town shall be deposited before construction is commenced.
(B) Notwithstanding the provisions of division (A) of this section, if a franchisee makes application to the Town to be relieved from furnishing a performance and payment bond relative to construction of a system or improvements thereto, the Town may waive the requirement for such bond or reduce the required amount thereof if the Town determines that:
(1) Such franchisee has a net worth of not less than $50,000,000 as reflected by its most current financial statement; and
(2) The performance of such franchisee of its obligations generally, whether financial or otherwise, has been satisfactory with respect to the Town and with respect to other parties with which such company has had obligations of construction or improvements to telecommunication systems.
(C) The construction bond shall remain in force until 60 days after substantial completion of the work, as determined by the Town Engineer, including restoration of streets and other property affected by the construction.
(D) The construction bond shall guarantee to the satisfaction of the Town:
(1) Timely completion of construction;
(2) Construction in compliance with applicable plans, permits, technical codes and standards;
(3) Proper location of the facilities as specified by the Town;
(4) Restoration of the streets and other property affected by the construction;
(5) The submission of as-built drawings after completion of the work as required by this chapter; and
(6) Timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work.
(`83 Code, § 13-751) (Ord. 00-20, passed 9-11-00)