During the period of construction to convert the system to a fifty (50) channel system, the company shall maintain a faithful performance bond in favor of the village, with a surety approved by the village, in the penal sum total of twenty five thousand dollars ($25,000.00), conditioned upon the faithful performance by the company of its obligations under this chapter and completion of the system on or before December 31, 1986, providing services as set forth in subsection 7-4-10D of this chapter. When the construction work throughout the village has been substantially completed, the penal sum total of the performance bond shall be reduced to ten thousand dollars ($10,000.00) until the completion of the construction work. In the event the company shall fail to comply with any law, ordinance or regulation governing the franchise, there shall be recoverable, jointly and severally from the principal and surety of the bond, any damages or loss suffered by the village as a result, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of the company, plus a reasonable allowance for attorney fees and costs, up to the full amount of the bond. Upon completion of construction, the company shall no longer be required to maintain said bond. (Ord. 1019, 11-25-1985)