§ 5.12.240. Faithful performance bond.

A.

Concurrently with the filing of and acceptance of award of any franchise granted under this chapter, the grantee shall file with the board, 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 expense, a corporate surety bond in a company authorized to do business in the state and in a form approved by the county counsel, in the amount of twenty-five thousand dollars, renewable annually, and conditioned upon the faithful performance of the grantee and upon the further condition that in the event 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 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 by this chapter which may be in default, plus a reasonable allowance for attorney's fees and costs, up to the full amount the bond. The condition shall 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 its exercise of any privilege granted in such franchise. The bond shall provide that thirty days' prior written notice of intention not to renew, cancel or materially change be given to the county.

B.

Neither the provisions of this section, nor any bond accepted by the county pursuant to this section, nor any damages recovered by the county under such bond, 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. 525 § 11.01.140, 1969)