A. Within thirty (30) days after the granting of a new franchise, or a renewal which requires significant system construction, and prior to the commencement of any construction work by the Grantee, the Grantee shall file with the Grantor a construction bond in the amount specified in the Franchise Agreement in favor of the Grantor as a result of the breach of any duty by the Grantee assured by such bond.
B. Such bond as contemplated herein shall be in the form approved by the City Attorney.
C. In no event shall the amount of the bond be construed to limit the liability of the Grantee for damages.
E. Upon completion of construction, any construction bonds then in force shall be released.
('65 Code, § 35B-5(a)) (Ord. No. 87-021 § 1; Ord. No. 2001-009 § 1)