(a) Within thirty days after the execution of a contract, the Company shall obtain and maintain at its cost and expense, and file with the Village Clerk, a corporate surety bond in a company authorized to do business in the State and found acceptable by the Village Solicitor, in the amount of two hundred thousand dollars ($200,000) to guarantee the timely construction and full activation of the cable system.
(1) The bond shall provide, but not be limited to, the following condition: There shall be recoverable by the Village, jointly and severally from the principal and surety, any and all damages, loss or costs suffered by the Village resulting from the failure of the Company to satisfactorily complete and fully activate the cable system throughout the service area where the cable system plant will be initially available to subscribers pursuant to the terms and conditions of this chapter and the contract.
(2) Such bond shall be separate and in addition to the penalty of two hundred dollars ($200.00) per day for failure to complete construction and provide service, as stated in Section 737.40.
(b) Any extension to the prescribed time limit must be authorized by Council.
Such extension shall be authorized only when Council, at its sole discretion, finds that such extension is necessary and appropriate as demonstrated and evidence by Company due to causes beyond the control of the Company. Such causes shall include, but not be limited to acts of God, acts of war, civil disturbances and labor disputes. Such extension shall be considered, whenever possible, at the next regularly scheduled legislative meeting of Council after receipt of the request.
(c) The construction bond shall be terminated only after Council finds that the Company has satisfactorily completed initial construction and activation of the cable system pursuant to the terms and conditions of this chapter and the contract.
(d) The rights reserved to the Village with respect to the construction bond are in addition to all other rights of the Village whether reserved by this chapter, the contract or authorized by law, and no action, proceeding or exercise of a right with respect to such construction bond shall effect any other rights the Village may have.
(e) The construction bond shall not be allowed to terminate without the written approval of the Village, which approval shall not unreasonably be withheld.
(Ord. 12-83. Passed 2-15-83.)