The grantee shall maintain throughout the period of installation and construction, a faithful performance bond in favor of the franchise area in a form and in sureties as shall be acceptable to the franchise area in the sum of $10,000 guaranteeing the faithful performance of all of the obligations of the grantee under this chapter. When the construction and installation of the CATV system is completed as defined herein, the sum of the performance bond shall be reduced to $5,000 through the remainder of the term of the franchise, or any renewal or extension thereof. The grantee shall post the performance bond before a building permit will be issued for commencement of construction.
(Prior Code, § 92.14) (Ord. 966E, passed 2-22-1982; Ord. 1061A, passed 5-9-1989)