§ 16. Corporate surety bond  


Latest version.
  • (a) The Grantee shall, concurrently with the filing of an acceptance of award of this franchise, file with the City Clerk and at all times thereafter maintain in full force and effect for the term of such franchise or any renewal thereof, at Grantee's sole expense, a corporate surety bond in a company and a form approved by the City Attorney, in the amount of One Hundred Thousand Dollars ($100,000.00), renewable annually, and conditioned upon the faithful performance of Grantee, and upon the further condition that in the event Grantee shall fail to comply within a reasonable time after notice that it is not in compliance with any one or more of the provisions of this franchise issued to the Grantee, there shall be recoverable jointly and severally from the principal and surety of such bond any damages or loss suffered by the City as a result thereof, including the full amount of any compensation, indemnification, or cost of removal or abandonment of any property of the Grantee as prescribed hereby which may be in default, plus a reasonable allowance for attorney's fees and costs, up to the full amount of the bond; said condition to be a continuing obligation for the duration of such franchise, and any renewal thereof and thereafter until the Grantee has liquidated all of its obligations with the City that may have arisen from the acceptance of said franchise or renewal by the Grantee or from its exercise of any privilege therein granted. The bond shall provide that thirty days' prior written notice of intention not to renew, cancellation, or material change be given to the City.

    (b) Neither the provisions of this section or any bond accepted by the City pursuant hereto, nor any damages recovered by the City thereunder, shall be construed to excuse faithful performance by the Grantee or limit the liability of the Grantee under any franchise issued hereunder or for damages, either to the full amount of the bond or otherwise.