§ 1060-512. BOND REQUIREMENTS

(a)

The Grantee, concurrently with the filing of an acceptance of award of any franchise granted under the provisions of this subchapter, shall furnish to the County and file with the County Clerk, and at all times thereafter maintain in full force and effect for the term of such franchise or any renewal thereof, at the Grantee's sole cost and expense, a corporate surety bond in a company approved by the County Administrator, and in a form approved by the County Counsel, in the amounts specified in subsection (b) below, renewable annually, and conditioned upon the faithful performance of the Grantee and upon the further condition that in the event the Grantee fails to comply with any one or more of the provisions of this subchapter, or of any franchise issued to the Grantee under the provisions of this subchapter, there shall be recoverable jointly and severally from the principal and surety or such bond any damages or loss suffered by the County 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; such condition to be a continuing obligation for the duration of the franchise and any renewal thereof and thereafter until the Grantee has liquidated all of its obligations with the County that may have arisen from the acceptance of such franchise or renewal by the Grantee or from its exercise of any privilege therein granted. The bond shall provide that 30 days' prior written notice of intention not to renew, cancellation, or material change be given to the County.

(b)

The amount of the bond described above shall be determined by the number of subscribers to a system when a franchise is originally granted or, alternatively, at any time said franchise is renewed. The amount of the bond shall be computed as follows:

Subscribers ..... Bond Amount

0—200 ..... $10,000.00

201—500 ..... $15,000.00

501—1000 ..... $25,000.00

(c)

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