The construction bond shall be terminated only after the city finds that the franchisee has satisfactorily completed construction or reconstruction and activation of the cable system pursuant to the terms and conditions of the franchise agreement. Termination of a franchisee’s construction bond required by the city is effective only if such termination is in writing. The principal sum of the bond may be reduced upon an application by franchisee and approval by the city prior to completion of construction or reconstruction. (Ord. 205 § 3, 2001)