Within 15 days of the effective date of any grant, transfer, renewal or modification
of a franchise, and at the time of acceptance of said franchise, a franchisee shall
post and maintain with the city, a cash bond, or surety bond, or some other comparable
security instrument (i.e., such as an irrevocable standing by letter of credit), to
be approved by the city attorney, in the amount established by resolution of city
council. Any such surety bond shall bind a franchisee and the surety jointly and severally
to the city as obligee. The bond or other security instrument shall be given as security
for and shall be conditioned upon the faithful performance and discharge by a franchisee
of all material obligations imposed upon it under this article, any applicable resolution,
and the franchise agreement pertaining to a franchise. The bond or security instrument
shall remain in effect during the term of the franchise agreement (and during any
renewal, modification or transfer thereof), and the bond or security instrument may
not be modified, canceled or terminated until 45 days after receipt by the city manager
of two copies of such written notice of any intent to modify, cancel, terminate, or
refuse to renew the bond or cancel the bond or withdraw the security. The original
of the bond or security instrument shall be filed with and maintained by the city
clerk. All rights reserved to the city with respect to the surety bond or security
instrument shall be in addition to all other rights of the city, whether or not granted
or reserved by the city, or otherwise authorized by law; and no action, proceeding
or exercise of a right with respect to the bond or security instrument shall affect
any other right which the city may have. The surety bond may be released by the city
council upon application by the franchisee and demonstration of a history of acceptable
performance in the city.
(
Ord. No. 2015-9
, § 2, 3-17-2015)
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