5.30.270 Permanent franchise performance and payment bond.
The grantee shall, within 30 days of the effective date of any franchise granted under this chapter or within 30 days of the granting of a renewal or the transfer of a franchise, furnish to the city a franchise performance bond. The franchise performance bond amount shall be based on the number of total homes passed by the cable system in the following amounts:
|
0 to 5,000 homes passed |
$50,000 |
|
5,001 to 10,000 homes passed |
$100,000 |
|
10,001 to 20,000 homes passed |
$150,000 |
|
20,001 to 35,000 homes passed |
$350,000 |
|
35,001 and up homes passed |
$500,000 |
The franchise performance bond shall be used to guarantee compliance with the terms and conditions of the franchise and payment of all sums which may become due to the city under this chapter or franchise issued pursuant hereto. The franchise performance bond shall be maintained in the full amount specified in the franchise, throughout the term of the franchise and for one year after the franchise expires or is terminated, without reduction or allowances for any amounts which are withdrawn or paid pursuant to this chapter.
This section in no way impairs the city’s ability to require bonds in accordance with Chapter 14.30 BCC as from time to time amended. (Ord. 5531 § 2, 2004.)