(A) The grantee shall maintain, and by its acceptance of this franchise, specifically agrees that it will maintain throughout the term of this franchise, a faithful performance bond running to the village, with a good and sufficient surety approved by the village, in the penal sum of $25,000 conditioned that grantee shall well and truly observe, fulfill, and perform each term and condition of this franchise, and that in case of any breach, the village shall be entitled to recover from the principal and sureties thereof the amount of all damages, including all costs and attorney's fees incurred by the village, proximately resulting from the failure of grantee to well and faithfully observe and perform any and all of the provisions of this franchise.
(B) The insurance policy and bond obtained by the grantee in compliance with this section have herewith been filed with and approved by the Village Council and such insurance policy and bond, along with written evidence of payment of required premiums, shall be filed and maintained with the Village Clerk during the term of this franchise.
(1995 Code, § 112.07) (Ord. 79-O-20, passed 7-9-1979)