Each franchisee shall file with the certificate of acceptance which it files pursuant to the provisions of Section 5.28.440 of this chapter, and at all times thereafter maintain in full force and effect, an acceptable corporate surety bond in the amount of two million five hundred thousand dollars ($2,500,000.00) effective for the entire term of the franchise, and conditioned that in the event the franchisee shall fail to comply with any one or more of the provisions of the franchise documents, whether or not the franchise is terminated, then there shall be recoverable jointly and severally from the principal and surety of such bond, any damages suffered by the county, cities, or cable television commission as a result thereof, including but not limited to, the full amount of any liquidated damages, delinquent franchise fees, compensation and costs of repairing or completing the cable television system, and compensation, and cost of removal or abandonment of property and repair of streets and other public or private improvements, up to the full amount of the bond; said condition to be a continuing obligation for the duration of the franchise and thereafter until the franchisee has satisfied all of its obligations which may have arisen from the acceptance of the franchise or from its exercise of any privileges thereunder. Neither the provisions of this section, any bond accepted pursuant thereto, nor any damages recovered thereunder shall be construed to excuse faithful performance by the franchisee or to limit the liability of the franchisee under the franchise or for damages, either to the full amount of the bond or otherwise. The bond shall contain a provision which prohibits cancellation by the surety during the term of the franchise, whether for failure to pay a premium or otherwise, without thirty (30) calendar days advance written notice mailed by the surety to the clerk of the board of directors of the cable television commission.
The form of the bond and surety shall be subject to the approval by the county's risk manager.
On or after the date of issuance of the final order of completion pursuant to the provisions of Section 5.28.1000 or 5.28.1010 of this chapter, the board of directors of the commission may, in its sole discretion, reduce, for the remainder of the term of the franchise, the required amount of the bond to a sum not less than one million dollars ($1,000,000.00). (Prior code § 20.08.700)