(A) Within 30 days after the award of the franchise, the company shall file with the county a performance bond in the amount of 100% of the total cost of construction in favor of the county. This bond shall be maintained throughout the construction of the initial service area, and until such time as determined by the Board.
(B) In the event the company fails to comply with any law, ordinance or regulation governing the franchise, or fails to well and truly observe, fulfill and perform each term and condition of the franchise, including the company's proposal which is incorporated herein by reference, there shall be recoverable, jointly and severally, from the principal and surety of the bond, any damages or loss suffered by the county as a result, including the full amount of any compensation, indemnification, or cost of removal or abandonment of any property of the company, plus a reasonable allowance for attorney's fees, including the Board's legal staff, and costs, up to the full amount of the bond. This section shall be an additional remedy for any and all violations outlined in § 111.13.
(C) The CATV Board may, upon completion of construction of the service area as approved by the Board, waive or reduce the requirement of the company to maintain the bond. However, the Board may require a performance bond to be posted by the company for any construction subsequent to the completion of the initial service areas, in a reasonable amount and upon such terms as determined by the Board.
(D) The bond shall contain the following endorsement:
“It is hereby understood and agreed that this bond may not be cancelled by the surety nor the intention not to renew be stated by the surety until 30 days after receipt by the Board, by registered mail, of a written notice of such intent to cancel or not to renew.”
(Ord. 450.1, passed 12-4-80)