(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 a certified or cashier’s check in the amount of Five and no/100ths ($5.00) Dollars for each dwelling to be served, made payable to the order of the County. The check shall be cashed and the proceeds retained by the Treasurer-Tax Collector in a special account. Such sum shall be maintained by the Treasurer-Tax Collector as security for the faithful performance by the grantee of all the provisions of the franchise documents, any damages, including, but not limited to, liquidated damages, delinquent franchise fees, compensation and costs of completing or repairing the cable communications system, and compensation and costs of the removal of abandoned property and the repair of streets and other public or private improvements incurred as a result of the failure of the grantee to comply with the provisions of the franchise documents, and shall be payable from the account upon the terms, conditions, and under the procedures prescribed by Section 11-1.1502 of this article. Interest earned upon the sum shall accrue to the credit of the account; provided, however, the County shall pay to the grantee any sums in the account in excess of the amount required for the original deposit.
(b) Within ten (10) calendar days after notice is mailed to the grantee that any amount has been withdrawn from the special account, the grantee shall deposit with the Treasurer-Tax Collector such sum as may be necessary to restore the account to its required amount.
(c) On the date of the issuance of the final order of completion pursuant to Section 11-1.1101 or 11-1.1102 of Article 11 of this chapter, the County shall reduce the amount of such security deposit by paying so much thereof to the grantee as will reduce the amount of said deposit retained to Two and 50/100ths ($2.50) Dollars for each dwelling to be served, unless on said date there are scheduled or pending, or intended to be scheduled or pending, proceedings relating to the alleged violation by the grantee of any of the provisions of Section 11-1.1002 of Article 10 of this chapter. In such event, the reduction shall not occur, and payment shall not be made until such proceedings are terminated and any damages determined to be owing compensated. Subsequent to such reduction and payment, such deposit shall be maintained at Two and 50/100ths ($2.50) Dollars, plus interest accumulations credited thereto during the remainder of the term of the franchise.
(d) Upon the termination of the franchise and the satisfaction of any damages, including liquidated damages, which may be due, the balance of the special account, including all interest credited thereto, shall be returned to the grantee.
(e) The rights reserved with respect to the special account are in addition to all rights of the County, whether reserved by the franchise documents or authorized by law, and no action, proceeding, or exercise of a right with respect to such account shall affect any other right which the County may have; nor shall the amount of the special account constitute a monetary limit on the liability for any actual or liquidated damages resulting from a breach of the franchise documents. (§ 1, Ord. 961, eff. October 27, 1983)