The franchisee shall, concurrently with its acceptance of the franchise, file with the Town Clerk, at the franchisee’s sole expense, a corporate surety bond in a responsible company licensed to do business in the state in the amount of $100,000 and conditioned upon the faithful performance of the franchisee to have service to 50% of the town residents within 12 months of receipt of the FCC certificate of compliance and to have service to all residents of town within two years thereof. Upon successful completion of service to 50% of the town residents within the prescribed 12-month period and to all residents within the prescribed two-year period, this bond shall be cancelled.
(1988 Code, § 111.14) (Ord. passed 10-2-1979)