The bids shall specify the quality of service to be rendered, the availability of a local access channel by which the city may notify residents of local emergencies, disasters or concerns without charge, the percentage franchise fee to be paid to the city, and the price to be charged for the service. Each bid shall be accompanied by a deposit in the form of a certified check equal to 5% of the fair estimated cost of the plant and equipment required to render the service. The deposit shall be forfeited to the city in case the bid is accepted and the bidder fails, for 30 days after the confirmation of the sale, to give sufficient bond in a sum equal to 1/4 of the fair estimated cost of the plant to be erected. The requirement of a deposit and bond shall not apply to a person already owning a plant and equipment sufficient to render the service required under the franchise.
(1997 Code, § 451.8) (Ord. passed 8-6-1990)