Each franchisee shall file with the certificate of acceptance which it files pursuant
to the provisions of section 90-131 in division 3, above, and at all times thereafter maintain in full force and effect,
an acceptable corporate surety bond in the amount of $2,500,000.00 effective for the
entire term of the franchise, and conditioned that in the event the franchisee shall
fail to comply with any one or more of the provisions of the franchise documents,
whether or not the franchise is terminated, then there shall be recoverable, jointly
and severally from the principal and surety of such bond, any damages suffered by
the county, cities, or cable television commission as a result thereof, including,
but not limited to, the full amount of any liquidated damages, delinquent franchise
fees, compensation and costs of repairing or completing the cable television system,
and compensation, and cost of removal or abandonment of property and repair of streets
and other public or private improvements, up to the full amount of the bond; said
condition to be a continuing obligation for the duration of the franchise and thereafter
until the franchisee has satisfied all of its obligations which may have arisen from
the acceptance of the franchise or from its exercise of any privileges thereunder.
Neither the provisions of this section, any bond accepted pursuant thereto, nor any
damages recovered thereunder shall be construed to excuse faithful performance by
the franchisee or to limit the liability of the franchisee under the franchise or
for damages, either to the full amount of the bond or otherwise. The bond shall contain
a provision which prohibits cancellation by the surety during the term of the franchise,
whether for failure to pay a premium or otherwise, without 30 calendar days' advance
written notice mailed by the surety to the clerk of the board of directors of the
cable television commission.
The form of the bond and surety shall be subject to the approval by the county's risk
manager.
On or after the date of issuance of the final order of completion pursuant to the
provisions of section 90-236 or 90-237 in subdivision II, the board of directors of the commission may, in its sole discretion,
reduce, for the remainder of the term of the franchise, the required amount of the
bond to a sum not less than $1,000,000.00.
