Grantee shall, at all times during the life of the franchise, keep on file with the city council a bond running to the grantor in such amount established in the franchise agreement with sureties to be approved by the city council. The bond shall be available to grantor to satisfy an amount due grantor from grantee which arise in accordance with the terms and conditions of the franchise agreement. (Ord. 9527 § 1 (part), 1995: prior code § 3820)