At the time a franchise is accepted, a franchisee shall deposit into an account established by the City and maintain on deposit through the term of the franchise the amount of $3,000 as a security fund for the faithful performance of the franchisee of all terms and conditions of the franchise. Interest accrued on this deposit shall be paid to the franchisee on an annual basis. Provision shall be made to permit the City the sole authority to withdraw funds from the security fund. A franchisee shall not use the security fund for other purposes and shall not assign, pledge or otherwise use this security fund for any other purpose. Within ten days after notice to it that any amount has been withdrawn by the City from the security fund pursuant to its franchise, the franchisee shall deposit money sufficient to restore such security fund to the required amount.
(Ord. 48, 6th Series, passed 10-5-2010)