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City code section
- A. Unless otherwise agreed to in writing by the City, before a franchise is granted or a license issued pursuant to this Chapter is effective, and as necessary thereafter, the licensee will provide a financial assurance, such as a performance bond or other security, in a form acceptable to the City, as security for the full and complete performance of the franchise or license, and for compliance with the terms of this Chapter. The financial assurance will include any costs, expenses, damages, or loss to the City because of any failure to comply with this Chapter and accompanying ordinances, resolutions, rules, regulations, or policies attributable to the licensee. The licensee will also provide, upon request, written evidence of payment of the required premium.
- B. Amount.
- 1. The financial assurance will be in an amount of $100,000. A licensee will immediately replace or replenish to the full amount any draw-down of the financial assurance by the City. The financial assurance will be in effect until the later of:
- a. termination of a franchise or license; or
- b. removal of all or part of a licensee’s utility facilities.
- 2. This obligation is in addition to any performance guarantees required by applicable City Code and regulations.
- 1. The financial assurance will be in an amount of $100,000. A licensee will immediately replace or replenish to the full amount any draw-down of the financial assurance by the City. The financial assurance will be in effect until the later of:
- C. The financial assurance will contain a provision that it will not be terminated or otherwise allowed to expire without 30 calendar days’ prior written notice first being given to the City. The financial assurance is subject to review and approval by the City Attorney.
- D. In no event will the City exercise its rights under the financial assurance if a bona fide, good-faith dispute exists between the City and a licensee.