Ordinance - #01-03 - 02/13/2001 - Laserfiche WebLink

Home

SECTION 9. GENERAL FINANCIAL AND INSURANCE PROVISIONS 9.1. Performance Bond. 9.1.1 At the time the Franchise becomes effective and at all times thereafter, until the Grantee has liquidated all of its obligations with the City and the Commission, the Grantee shall furnish a bond to the Commission in the amount of $100,000.00 in a form and with such sureties as are reasonably acceptable to the Commission. This bond will be conditioned upon the faithful performance by the Grantee of its Franchise obligations and upon the further condition that in the event the Grantee shall fail to comply with any law, ordinance or regulation governing the Franchise, there shall be recoverable jointly and severally from the principal and surety of the bond any damages or loss suffered by the Commission or City as a result, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of the Grantee, plus a reasonable allowance for attorneys' fees and costs, up to the full amount of the bond, and further guaranteeing payment by the Grantee of claims, liens and taxes due the City or the Commission which arise by reason of the construction, operation, or maintenance of the System. The rights reserved by the City and the Commission with respect to the bond are in addition to all other rights the City may have under the Franchise or any other law. The City may, from year to year, in its sole discretion, reduce the amount of the bond. 9.1.2 The time for Grantee to correct any violation or liability shall be extended by City if the necessary action to correct such violation or liability is, in the sole determination of City, of such a nature or character as to require more than thirty (30) days within which to perform, provided Grantee provides written notice that it requires more than thirty (30) days to correct such violations or liability, commences the corrective action within the thirty (30)-day cure period and thereafter uses reasonable diligence to correct the violation or liability. 9.1.3 In the event this Franchise is revoked by reason of default of Grantee, City shall be entitled to collect from the performance bond that amount which is attributable to any damages sustained by City as a result of said default or revocation. 9.1.4 Grantee shall be. entitled to the return of the performance bond, or portion thereof, as remains sixty (60) days after the expiration of the term of the Franchise or revocation for default thereof, provided City or the Commission has not notified Grantee of any actual or potential damages incurred as a result of Grantee's operations pursuant to the Franchise or as a result of said default. 9.1.5 The rights reserved to City or Commission with respect to the performance bond are in addition to all other fights of City or Commission whether reserved by this 43