(A) A grantee shall maintain, and by its acceptance of a franchise hereunder specifically agrees that it will maintain throughout the term of a franchise granted hereunder, a faithful performance bond running to the city, with a good and sufficient surety approved by the city in the penal sum of $10,000 conditioned that the grantee shall well and truly observe, fulfill and perform each term and condition of the franchise granted hereunder and of the grantee’s proposal and that in case of any breach, the city shall be entitled to recover from the principal and sureties thereof the amount of all damages including all costs and attorney’s fees incurred by the city, proximately resulting from the failure of grantee to well and faithfully observe and perform any and all of the provisions of this franchise.
(B) No recovery by the city of any sum by reason of the bond required herein shall be any limitation upon the liability of a grantee to the city, except that any sum received by the city by reason of the bond required herein shall be deducted from any recovery which the city might have against a grantee.
(Ord. 94-0-6, passed 9-12-94)