§ 132.21 SECURITY FUND.
   At the time of registration and as a condition of receiving its first permit to place or maintain a   , the shall be required to file with the , for approval, an annual bond, cash deposit or irrevocable letter of credit in the sum of $50,000.00 having as a surety a company qualified to do business in the of Florida, and acceptable to the , which shall be referred to as the “security fund.” The security fund shall be conditioned on the full and faithful performance by the registrant of all requirements, duties and obligations imposed upon by the provisions of this Chapter. The bond or guarantee shall be furnished annually or as frequently as necessary to provide a continuing guarantee of the ’s full and faithful performance at all times. In the event a fails to perform its duties and obligations imposed upon the by the provisions of this Chapter, subject to § 132.25, there shall be recoverable, jointly and severally from the security fund and/or from the principal and surety of the bond, any damages or loss suffered by the as a result, including the full amount of any compensation, indemnification or cost of removal or of any property of the , plus a reasonable allowance for attorneys’ fees, up to the full amount of the security fund, the may in its reasonable discretion accept a corporate guarantee of the or its parent company.
(Ord. 2010-23, passed 10-4-2010)