(A) The franchisee shall within ten days after the franchise becomes operative, execute to the County Fiscal Court, with good and sufficient sureties, a bond in the sum of $100,000, conditioned upon the faithful performance and discharge of the obligations imposed by this chapter from the date thereof and shall remain in force and effect during the life of this franchise. Upon completion of 75% of the system as certified by the franchisee and accepted by the Fiscal Court upon inspection, the amount of the bond may be reduced to the sum of $50,000. The franchisee shall pay all premiums chargeable for the bond and shall keep the same in force and effect at all times throughout the term of franchise through the removal of all poles, wires, cables, underground conduits, manholes and other conductors and fixtures incident to the maintenance and operation of the CATV system as defined in the franchise. The bond shall indemnify the county up to the full amount of the bond from any damages or losses arising out of the failure of the franchisee to accept and maintain a franchise in conformity with this chapter.
(B) The bond shall contain a clause substantially to the effect that:
Every person who, whether as subcontractor, or otherwise, has furnished material or supplied or performed labor in the prosecution of the work under this contract, and who has not been paid therefor, may sue on the additional bond and prosecute the same to final judgment for the sum, or sums, as may be justly due it, and have execution thereon; provided, however, that the county shall not be liable for the payment of any costs or expense of the suit.
(C) The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire prior to 30 days after written notice to that effect is given to the county and a grantee herein.
(Ord. 400.450.1, passed 10-17-1980)