Upon award by the Town Council, a franchise shall not become effective until the collector has completed the following:
(A) Executed a written franchise agreement with the Town of South Congaree the form, as the staff may require which shall be consistent with the terms and provisions of this subchapter.
(B) Paid the initial installment of a franchise license fee which shall be an amount set by Council per collection customer per month. The license fee shall be due and payable in advance during the full term of the franchise. A ten percent (10%) penalty is levied on fees not paid by the tenth of each month. Failure to pay the franchise license fee by the thirtieth of the month shall result in termination of the franchise by the Town Council.
(C) Delivered to the staff a valid performance bond with surety acceptable to the staff guaranteeing to the Town of South Congaree the faithful performance by the collector of its obligations under this subchapter and the franchise agreement. The amount of the bond shall be an amount equal the estimated cost, as determined by the staff, of what it would cost the town to provide solid waste collection service to the franchise area for 60 days. The staff may accept a cash bond in lieu of a surety bond. Failure to maintain a sufficient bond in full force and effect at all times during the term of the franchise shall result in termination of the franchise by the Town Council.
(1985 Code, § 10-64) Penalty, see § 111.99