(A) If required by the franchise agreement, within 30 days after the granting of a franchise or renewal, and prior to the commencement of any construction or system rebuild work by the grantee, the grantee shall file with the grantor a construction bond in the amount specified in the franchise agreement in favor of the grantor and any other person who may claim damages as a result of the breach of any duty by the grantee assured by such bond.
(B) Such bond as contemplated herein shall be in the form approved by the grantor 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 obligation.
(C) In no event shall the amount of the bond be construed to limit the liability of the grantee for damages.
(D) Grantor, at its sole option, may waive this requirement, or permit consolidation of the construction bond with the performance bond or security fund specified, respectively in §§ 115.071 and 115.072.
(Prior Code, § 115.060) (Ord. D-1485, § 6.1, passed 6-3-1985, effective 6-13-1985)