A cable operator shall comply with the following bonding requirements.
(A) (1) A construction/completion bond shall be furnished prior to the time that a cable operator commences a system-wide construction, upgrade or rebuild project that has a capital construction cost or outlay exceeding $250,000 in value where the construction takes place in one or more easements or in the public way. Such bond shall guarantee that the surety will make whole (to the extent of the bond) any monetary losses incurred by the city due to such construction.
(2) The amount of the bond shall equal at least 90% of the projected capital construction cost or outlay but shall not exceed $250,000. The construction/completion bond shall remain in force at all times until one year after completion of construction as determined by the Chief Building and Code Official, unless relief is granted or a reduction schedule is detailed in an agreement between the city and the cable operator.
(B) If the city draws on a bond as a result of a cable operator’s failure to indemnify the city from any monetary losses resulting from the construction, the cable operator shall replenish the bond within 30 days to the level required in this section.
(Prior Code, § 110.067) (Ord. 13-08, passed 6-3-2013)