(a) The holder of this franchise, prior to commencing any work in this City shall post and maintain a ten thousand dollar ($10,000) performance bond, conditioned upon said franchisee faithfully performing and complying with all the provisions of this franchise, holding the City harmless from liability resulting from franchisee's actions. Any assignee, successor or representative of the franchise holder hereof shall execute a bond with the same effect.
(b) Said bond shall be refunded to the franchisee upon the termination of this franchise unless said bond shall have been forfeited to the City for failure on the part of the franchise holder to comply with the requirements set forth in this chapter.
(Ord. 1997-13. Passed 5-5-97.)