CHAPTER 8A. CABLE COMMUNICATIONS SYSTEM.
Sec. 8A.200. Performance deposit to city.
(a) Grantee shall, concurrently with the filing of an acceptance of award
of the franchise granted under this chapter, deposit in a financial institution
selected by the city the sum of twenty-five thousand dollars in a joint account
with grantees and the city cosignators. This sum shall be maintained in an
interest-bearing joint account during the period of construction of the cable
communications system within the city limits, but in no event in excess of three
years. The return of the sum plus interest to grantee shall be conditioned upon
the faithful performance of grantee, and upon the further condition that in the
event grantee shall fail to comply with any one or more of the provisions of
this chapter or of the franchise issued to grantee hereunder, there shall be
recoverable from this sum any damages or loss suffered by the city as a result
thereof, including the full amount of any compensation indemnification or cost
of removal or abandonment of any property of grantee as prescribed herein which
may be in default, plus a reasonable allowance for the attorneys' fees and
costs, up to the full amount of the account.
(b) No performance deposit
shall be required for a franchise renewal of an applicant who owns an existing
cable communications system and for which new construction is not contemplated.
(Ord. No. 1097, § 1 (part).)