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(a) Grantee shall maintain and by its acceptance of a franchise specifically agrees that it will maintain throughout the term of the franchise a faithful performance, license and franchise bond running in favor of the City, written by an approved corporate surety in the penal sum of twenty-five thousand dollars ($25,000) conditioned that a grantee shall well and truly observe, fulfill and perform each term and condition of the bond. The amount thereof shall be recoverable from the principal and sureties thereof for all damages resulting from the failure of a grantee to well and faithfully observe and perform any provision of the franchise or this chapter.
(b) Grantee shall pay all premiums chargeable for the bond and shall keep the same in force and effect at all times throughout the term of the franchise including the removal of all poles, wires, cables, underground conduits, manholes and other conductors and fixtures incident to the maintenance and operation of the CATV system.
(c) The bond shall be in a form satisfactory to the Director of Law and filed with the City together with written evidence of payment of the required premiums shall be filed with the City during the term of the franchise.
(Ord. 1980-88. Passed 4-15-80.)