Sec. 5-1-280.   Franchise performance bond.
   (a)   Concurrent with the execution of this franchise, the Company has deposited with the City a franchise bond acceptable to the City in the amount of ten thousand dollars ($10,000.00). The franchise bond shall be used to guarantee the faithful performance by the Company of all provisions of this franchise and the payment by the Company of any claims, liens and operation or maintenance costs of the facilities.
   (b)   The franchise bond shall be maintained at ten thousand dollars ($10,000.00) during the entire term of this franchise, even if amounts have to be withdrawn pursuant to Subsection (a) or (c) of this Section.
   (c)   If the Company fails to pay to the City any compensation within the time fixed herein; fails to pay to the City any taxes when due; fails to repay the City any damages, costs or expenses which the City is compelled to pay by reason of any act or default of the Company in connection with this franchise; or fails to comply with any provision of this franchise which the City reasonably determines can be remedied by demand on the franchise bond, the City may, following fourteen (14) days' written notice to the Company, request payment of the amount thereof, with interest and any penalties, from the franchise bond.
   (d)   The rights reserved to the City with respect to the franchise bond are in addition to all other rights of the City, whether reserved by this franchise or authorized by law, and no action, proceeding or exercise of a right with respect to such franchise bond shall affect any other right the City may have.
   (e)   The City may, in its sole discretion, waive the franchise bond requirements, reduce the amount required thereunder or, with the agreement of the Company, provide for an alternative form of guarantee, if performance by the Company, its successors or assigns, in the sole opinion of the City, warrants such revision. The City may, at any time at its sole discretion, reinstate the requirements of the franchise bond as provided herein.
(Prior agmt. 7-1-2002)