A. Establishment and amount. On the effective date of its franchise agreement, each licensee shall establish a performance security with the Village in the amount established in the applicable franchise agreement in the form of a corporate surety bond or other instrument, which complies with the requirements of the Village for such instruments provided by other occupants of the public ways. Each licensee shall maintain its performance security in accordance with the provisions of its franchise agreement, so long as any part of the system is located within the public ways of the Village, and failure to do so will constitute a material violation of its agreement.
B. Purpose of fund. The performance security shall be governed by the terms of the franchise agreement and shall serve as security for the full and complete performance of a licensee for all of its obligations under its franchise agreement, including payment of any costs, expenses, damages or loss the Village pays or incurs because of any act or omission attributable to the licensee that constitutes a violation, default or failure to comply with the codes, ordinances, rules, regulations or permits of the Village, and the payment of any liquidated damages, judgments, fees or taxes actually due the Village. The fund may be assessed by the Village as provided in the franchise agreement.
(MC-10-2007, Added, 07/10/2007)