(A) Within 30 days after the granting of the franchise and prior to the commencement of any construction work by the grantee, the grantee shall file with the grantor a construction and surety 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. In the event the grantee shall faithfully comply with all applicable statutes, laws and regulations governing the franchise, and shall faithfully complete the construction of the facilities contemplated, and shall receive a certificate of completion from the grantor, the obligation under such bond shall be void; otherwise it shall remain in full force and effect.
(B) Such bond shall be in the form approved by the grantor and, among other matters, shall cover the cost of the removal of any properties installed by the grantee in the event the 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.
('65 Code, § 7-8.601) (Ord. 244-C.S., passed - - ) Penalty, see § 112.999