On or before the effective date of the ordinance granting the franchise, franchisee shall file and thereafter at all times during the life of the franchise keep on file with the city clerk a corporate surety bond running to the city or public entity which may become entitled to the benefits herein reserved in the franchise by virtue of future incorporations or annexations, in the penal sum of ten thousand dollars or such other sum as may be specifically provided for in the ordinance granting the franchise, with surety to be approved by the city attorney, conditioned that franchisee shall well and truly observe, fulfill and perform each condition of the franchise and that in case of any breach of condition of the bond, the whole amount of the penal sum shall be deemed to be liquidated damages and shall be recoverable from the principal and sureties of the bond. If the bond is not to be filed prior to the effective date of the ordinance granting the franchise, the award of the franchise may be set aside and the ordinance granting the franchise repealed at any time prior to the filing of the bond and any money paid in consideration for the award of franchise shall be deemed forfeited. In the event that the bond, after it has been so filed, shall at any time during the life of the franchise, in the opinion of the city attorney, become insufficient, the franchisee agrees to renew the bond, with sureties to be approved by the city attorney, within ten days after written notice to do so from the city attorney.
(Ord. 1349 § 1 (part), 9-12-1977)