The grantor, at its sole option, may apply any of the following in connection with delays in system construction:
(A) A reduction in the duration of the franchise on a month-for-month basis for each month of delay exceeding six months;
(B) The forfeiture of construction bonds and/or the assessment of a penalty not to exceed $5,000 per day levied against the security fund for delays exceeding one year; and
(C) The termination of the franchise for delays exceeding 18 months.
('65 Code, § 7-8.705) (Ord. 244-C.S., passed - - )