In granting any franchise, the city council shall determine the amount of financial security, if any, which shall be posted to secure franchisee's obligations under the franchise. The financial security shall be such amount as will cover the cost of franchisee fulfilling its obligations hereunder, and may be utilized if franchisee fails to perform as required hereunder or fails to reimburse the city in the event city has to remedy any breaches by franchisee.
The security may be a bond, letter of credit, cash deposit, deed of trust or other form approved by the city attorney. The security shall be drawn on a responsible institution and, if drawn upon, shall be promptly replenished in an amount to be determined by the city manager.
(Ord. 2009-08-1401 § 1(part), 2009)