Sec.11-2.701.   Performance bond.
   Each licensee shall file with it application for a license, and at all times thereafter until the filing of a final notice of completion pursuant to Section 11-2.404(a)   of this chapter, maintain in full force and effect an acceptable corporate surety bond issued by a surety licensed therefor by the State of California in an amount equal to the greater of (a)the licensee’s estimate of the total cost of the sum of (i)the product of the number of miles of aerial plant (to the nearest one-tenth (1/10) of a mile) in the license area and Eighteen Thousand and no/100ths ($18,000.00) Dollars and (ii)the product of the number of miles of underground plant (to the nearest one-tenth (1/10) of a mile) in the license area and Thirty-Two Thousand and no/100ths ($32,000.00) Dollars effective for the entire term of the license, and conditioned that in the event the licensee shall fail to comply with any one or more of the provisions of the license documents, whether or not the license 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 license fees, compensation and costs of repairing or completing the cable television system, and compensation, and cost of removal or abandonment of property and repair of streets and other public or private impoundments, up to the full amount of the bond; said condition to be a continuing obligation for the duration of the license and thereafter until the licensee has satisfied all of its obligations which may have arisen from the acceptance of the license or from its exercise of any privilege thereunder.
   Upon the issuance of a final order of completion pursuant to Section 11-2.404(a) of this chapter, the amount of the aforesaid corporate surety bond shall be reduced to an amount equal to Fifty and no/100ths ($50.00) Dollars for each dwelling unit located within the license area upon the date of the notice of final completion and maintained at such an amount at all times thereafter during the operation of the cable television system.
   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 licensee or to limit the liability of the licensee under the license 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 license, 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 of Supervisors. The form of the bond and surety shall be subject to the approval of the Board of Supervisors. (§ 1, Ord. 1095, eff. July 27, 1989)