The Grantee of a franchise, permit or privilege shall, within five (5) days after the awarding of such franchise, permit or privilege, file with the City Clerk a bond running to the City in the penal sum fixed by the City Council in the advertisement for bids or established as a condition of the franchise approval. Within thirty (30) days after the filing and approval of such bond, the franchise, permit or privilege shall be granted by ordinance, subject to the referendary provision of the Charter, to the person, firm or corporation to whom it was awarded; and in case this bond shall not be filed the award of such franchise, permit or privilege shall be set aside and shall, in the discretion of the City Council, be re-advertised and again offered for sale in the same manner and under the same restrictions provided in this Chapter, and the amount deposited by the grantee with his bid shall be forfeited to the City as liquidated damages.
SECTION HISTORY
Based on Ord. No. 58,200.
Amended by: Ord. No. 176,006, Eff. 7-12-04.