(a) Each grantee shall file with the certificate of acceptance which it files pursuant to the provisions of Section 11-1.605 of Article 6 of this chapter, and at all times thereafter maintain in full force and effect, an acceptable corporate surety bond in the amount of Seven Hundred Fifty Thousand and no/100ths ($750,000.00) Dollars, effective for the entire term of the franchise, and conditioned that in the event the grantee shall fail to comply with any one or more of the provisions of the franchise documents, whether or not the franchise is terminated, then there shall be recoverable jointly and severally from the principal and surety of such bond any damages suffered by the County as a result thereof, including, but not limited to, the full amount of any liquidated damages, delinquent franchise fees, compensation and costs of repairing or completing the cable communications system, and compensation and costs of the removal or abandonment of property and the repair of streets and other public or private improvements, up to the full amount of the bond. Such condition shall be a continuing obligation for the duration of the franchise and thereafter until the grantee has satisfied all of its obligations which may have arisen from the acceptance of the franchise or from its exercise of any privileges thereunder. Neither the provisions of this section, any bond accepted pursuant thereto, nor any damages recovered thereunder shall be construed to excuse faithful performance by the grantee or to limit the liability of the grantee under the franchise or for damages, either to the full amount of the bond or otherwise. The bond shall contain a provision which prohibits cancellation by the surety during the term of the franchise, whether for failure to pay a premium or otherwise, without thirty (30) calendar days’ advance written notice mailed by the surety to the Clerk of the Board.
(b) The form of the bond and surety shall be subject to approval by the County Counsel.
(c) On or after the date of the issuance of the final order of completion pursuant to the provisions of Section 11-1.1101 or 11-1.1102 of Article 11 of this chapter, the Board, in its sole discretion, may reduce, for the remainder of the term of the franchise, the required amount of the bond to a sum not less than Two Hundred Fifty Thousand and no/100ths ($250,000.00) Dollars. (§ 1, Ord. 961, eff. October 27, 1983)