Grantee shall furnish to the County, without additional charge, a corporate surety bond, a letter of credit or other Security device acceptable to the Division, as security for performance under its franchise agreement (collectively "security"). The amount of the security shall be the average of one month's expected gross receipts less disposal charge. Adequate proof of the existence of the security shall be provided (e.g., a certificate from the surety showing that the bond premiums have been paid in full shall accompany the bond and each renewal thereof). The surety on the bond, the bank on which the letter of credit is drawn and the surety for any other security device shall be a company or financial institution acceptable to the County and shall be authorized to do business in the State of California. A surety company shall be as defined in Code of Civil Procedure § 995.120 or any successor section. The surety must be acceptable to the County and may be subject to objection to sufficiency pursuant to Code of Civil Procedure §§ 995.660 et seq., or any successor sections.
(Ord. 4385, passed - -2020; Am. Ord. 4434, passed - -2022)