A Performance Bond in an amount to be specified in a Franchise Agreement shall be filed with the Village Clerk conditioned upon the faithful performance and discharge of the obligations imposed by the Enabling Ordinance and the Franchise awarded hereunder from the date thereof. The purpose of said bond shall include but not be limited to, faithful compliance with any construction timetables for reconstruction or upgrade of the Cable System as proposed by the Grantee, unless an appropriate extension is approved by the Board, and as a security for the ongoing performance of the Grantee to provide Cable Service to its Subscribers. Should the Village at any time, according to the provisions of this Franchise Agreement, recover the bond, the Board shall have the authority to reasonably increase the required amount of the Bond. The Village's right to recover under the bond shall be in addition to any other rights retained by the Village under this Agreement.
(Ord. 01-2301, passed 12-11-01)