(a) The operator shall post bond in the sum of ten thousand dollars ($10,000) guaranteeing the removal of all his or her equipment and installations if his or her operation ceases, whatever the cause or reason, if requested to do so by the Council, individual private property owners or subscribers.
(b) The bonding provided for in subsection (a) hereof shall be subject to these requirements:
(1) Such bond shall be executed by the operator and one or more sureties approved by the Director of Law.
(2) Either the bond or certified copies thereof shall be on file with the Mayor.
(3) The bond shall provide by endorsement that it cannot be cancelled or amended by the bonding company prior to ten days notice to the Mayor.
(4) The bond shall be effective before the operator commences any construction or installations.
(c) Within thirty days from the effective date of the granting of a permit by ordinance, the operator shall furnish a bond to the City in the amount of fifteen thousand dollars ($15,000) guaranteeing the faithful performance of the obligation of the operator under the terms of this chapter. Such bond shall be in addition to that required under subsection (a) hereof and shall be subject to the following requirements:
(1) Such bond shall be executed by the operator and one or more sureties approved by the Director of Law.
(2) Either the bond or certified copies thereof shall be on file with the Mayor.
(3) The bond shall provide by endorsement that it cannot be cancelled or amended by the bonding company prior to ten days notice to the Mayor.
(d) It is not the intention of the Council to require either unnecessary or excessive bonding, or double bonding, nor unnecessary or excessive insurance, or double insurance; therefore, Council will waive the requirements for bonds and insurance, excluding the performance bond provided for by subsection (c) hereof, or reduce the amounts thereof, depending upon the participation of any and all telephone companies in providing facilities to and for the operator. An additional consideration for reduction or waiver will be the extent of radiowave transmission versus the use of cable and/or other electrical conductors.
(Ord. 123-76. Passed 6-17-76; Ord. 136-88. Passed 5-5-88.)