A. The grantee shall, concurrently with the filing of and acceptance of award of any franchise granted under this chapter, 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 an amount to be determined by the City Council, with and in a form approved by the City Attorney, 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 chapter or of any franchise issued to the grantee under this chapter, 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 by this chapter which may be in default, plus a reasonable allowance for attorney’s fees and costs, 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 (30) 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, nor any bond accepted by the City pursuant to this section, 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 under this chapter or for damages, either to the full amount of the bond or otherwise. (Ord. 1030 § 2(4), 2018; Ord. 549 § 1 (part), 1976)