(A) Each franchise applicant shall file with its application for a franchise, and at all times thereafter until the filing of a final notice of completion pursuant § 118.077, maintain in full force and effect, an acceptable corporate surety bond issued by a surety licensed therefore by the state an amount equal to:
(1) The grantee's estimate of the total cost of construction of the cable system within the franchise area; or
(2) That determined to be appropriate by the Common Council after allowing the grantee an opportunity to provide information for the Council's consideration in making this determination.
(B) Upon the issuance of a final order of completion pursuant to § 118.077, the amount of the aforesaid corporate surety bond shall be reduced to an amount equal to $50 for each dwelling unit located within the franchise area upon the date of the notice of final completion and maintained at such an amount at all times thereafter, during the operation of the cable system, unless the Common Council determines that a bond in a lesser amount is appropriate.
(C) Neither the provisions of this section, any bond accepted pursuant thereto, nor any, damages recovered thereunder shall be construed to excuse faithful performance by the grantee or to limit the liability of the grantee under the franchise or for damages, either to the full amount of the cancellation by the surety during the term of the franchise, whether for failure to pay a premium or otherwise, without 30 calendar days' advance written notice mailed by the surety to the City Clerk. The form of the bond and surety shall be subject to the approval of the Common Council.
(1980 Code, § 118.050) (Ord. 1996-4, passed 4-9-1996)