(A) (1) In accordance with the timing set forth in § 121.22(B), the Grantee shall obtain and maintain at its cost and expense, and file with the City Clerk, a corporate surety bond from a company authorized to do business in the state, and found acceptable by the City Attorney, in the amount of $200,000, to guarantee the timely construction and full activation of the cable television system.
(2) The bond shall provide, but not be limited to, the following condition. There shall be recoverable by the city, jointly and severally from the principal and surety, any and all damages, loss, or costs suffered by the city resulting from the failure of the Grantee to satisfactorily complete and fully activate the cable television system throughout the franchise area pursuant to the terms and conditions of this chapter.
(B) Any extension to the prescribed time limit must be authorized by the Council. The extension shall be authorized only when the Council finds that an extension is necessary and appropriate due to causes beyond the control of the Grantee.
(C) The construction bond shall be terminated only after the Council finds that the Grantee has satisfactorily completed all construction and activation of the cable television system pursuant to the terms and conditions of this chapter.
(D) The rights reserved to the city with respect to the construction bond are in addition to all other rights of the city, whether reserved by this chapter or authorized by law, and no action, proceeding, or exercise of a right with respect to the construction bond shall affect any other rights the city may have.
(E) The construction bond shall contain the following endorsement.
It is hereby understood and agreed that this bond may not be canceled by the surety, nor the intention not to renew be stated by the surety until 60 days after receipt by the city, by registered mall, of written notice of intent to cancel or not to renew.
(‘83 Code, § 123.14) (Ord. 82-036, passed 6-21-82; Am. Ord. 96-003, passed 4-1-96)