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(A) The grantee shall, concurrently with the acceptance of award of any franchise granted under this chapter, file with the City Manager, and at all times thereafter maintain in full force and effect for the term of such franchise or any renewal thereof, at the grantee’s sole expense, a corporate surety bond in a company and in a form approved by the City Attorney, in the amount of $25,000 renewable annually, and conditioned upon the faithful performance of the grantee, and upon the further condition that in the event the grantee shall fail to comply with any one or more of the provisions of this chapter, or of any franchise issued to the grantee hereunder, there shall be recoverable jointly and severally from the principal and surety of such bond any damages or loss suffered by the city as a result thereof, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of the grantee as prescribed hereby which may be in default, plus a reasonable allowance for the attorney’s fees and costs, up to the full amount of the bond; such condition to be a continuing obligation for the duration of such franchise and any renewal thereof and thereafter until the grantee has liquidated all of its obligations with the city that may have arisen from the acceptance of such franchise or renewal by the grantee or from its exercise of any privileges therein granted. The bond shall provide that 30 days’ prior written notice of intention not to renew, cancellation or material change, be given to the city.
(B) Neither the provisions of this section, nor any bond accepted by the city pursuant hereto, nor any damages recovered by the city thereunder, shall be construed to excuse faithful performance by the grantee or limit the liability of the grantee under any franchise issued hereunder or for damages, either to the full amount of the bond or otherwise.
(Ord. 5258, passed 10-28-80) Penalty, see § 725.99