Every franchisee shall provide to the city an irrevocable letter of credit in the amount of $10,000 or one-half of the annual franchise fee owed, whichever is less, to secure the payment of the communications franchise fee for the first two years of the franchise. After which, if there has been no default in paying the franchise fee nor any late payment of the franchise fee, the letter of credit shall be released.
(Ord. 4-2005, passed 5-19-05)