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 fifty thousand dollars
($50,000.00) 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
cost 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 advertising display fixtures and the restoration
of the building structure to its 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 cancelled
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.
(Ord. No. 17644, § 16, 3-30-89)
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