A.
The grantee shall, concurrently with the filing of and acceptance of award of any franchise, file with the City Clerk, and at all times 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 from a company and in form and content approved by the City Attorney. The bond shall be in the minimum amount of $500,000.00, renewable annually, and conditioned upon the faithful performance by the grantee of all obligations imposed by the franchise and this article and all applicable laws, including the full amount of any compensation, indemnification, or cost of removal or abandonment of any property of the grantee, plus a reasonable allowance for attorneys' fees and costs, up to the full amount of the bond, and specifically including the payment of the annual franchise fees. In the alternative the grantee shall deposit and maintain a minimum of an additional $100,000.00 in the security fund, as set forth in Section 13.96.020, for a total of at least $115,000.00 in the security fund.
B.
Neither the provisions of this section, nor any bond accepted by the City, 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 or for damages, either to the full amount of the bond or otherwise.
C.
The bond shall provide that 30 days prior written notice of intention not to renew, cancellation, or material change, be given to the City, in which event the grantee shall provide a substitute bond complying with this section in form and content approved by the City Attorney.
D.
Funds represented by the bond and/or in the security fund shall be recoverable by the City in case of noncompliance by the grantee, its assignees, vendees, lessees, or successors in interest.
(Prior code 6816; Ord. 32-79; Ord. 23-95)