§ 18. Performance bond  

Latest version.
  • Within ninety (90) days after the publication of this ordinance, the Company shall file with the City Clerk a performance bond in the amount of two hundred thousand dollars ($200,000.00) in favor of the City. The bond shall be maintained throughout the term of the franchise and until the Company shall have liquidated all of its obligations with the City. In the event the Company fails to comply with any law, ordinance or regulation governing the franchise or fails to well and truly observe, fulfill and perform each term and condition of the franchise, including the Company's application which is incorporated as though fully set out herein, there shall be recoverable, jointly and severally, from the principal and surety of the bond, any damages or loss suffered by the City as a result, including the full amount of any compensation due the City, indemnification for the cost of removal and storage of any shelter, plus a reasonable allowance for attorney's fees, including the City's legal staff, and costs up to the full amount of the bond.

    The bond shall also be conditioned upon the removal at the expiration or termination of the franchise of the Company's shelters and the restoration of the streets and public places of the City to their former condition. The bond shall contain an endorsement that no cancellation shall be effective until ninety (90) days after receipt by the City Clerk of a written notice of intent to cancel or not to renew sent by certified mail, return receipt requested. No cancellation shall be effective if the surety has received notice by the City of the Company's default. The bond may not be canceled and shall remain in effect in the period commencing at the expiration or termination of the franchise and for three hundred sixty-five (365) days thereafter.

    From and after July 28, 1986, the required amount of the performance bond shall be fifty thousand dollars ($50,000.00). (2010-Or-043, § 1, 4-16-10)