1. Requirement of Bond. Within 30 days after the granting of a new franchise, or a renewal which requires significant system construction, and prior to the commencement of any construction work by the grantee, the grantee shall file with the City a construction bond in the amount specified in the franchise agreement in favor of the City and any other person who may claim damages as a result of the breach of any duty by the grantee assured by said bond.
2. Form of Bond. Such bond as contemplated herein shall be in the form approved by the City and shall, among other matters, cover the cost of removal of any properties installed by the grantee in the event said grantee shall default in the performance of its franchise obligations.
3. No Limitation on Liability. In no event shall the amount of said bond be construed to limit the liability of the grantee for damages.
4. Waiver of Bond. The City, at its sole option, may waive this requirement, or permit consolidation of the construction bond with the performance bond specified in Section 115.47.
5. Release of Bond. Upon completion of construction, any construction bonds then in force shall be released.