Upon acceptance of a franchise pursuant to this chapter, the grantee shall submit and maintain throughout the term of the franchise a faithful performance bond in the amount of $100,000. The bond shall ensure compliance with all applicable laws, regulations, ordinances and provisions of this permit; shall provide for recoverable loss or damages, compensation, indemnification, reasonable attorney fees, cost of removal or abandonment of the grantee’s property; and shall cover penalties of $100 per day for failure to meet the construction requirements of any franchise agreement.
(2013 Code, § 8-8.10) (Ord. 14586, passed 4-13-1998)