§ 5.1-10. Performance bond.

Grantee shall maintain and by its acceptance of the franchise specifically agrees that it will maintain throughout the term of the franchise a faithful performance, license and franchise bond running in favor of the county, written by an approved corporate surety in the penal sum of five thousand dollars ($5,000.00), and conditioned that the grantee shall well and truly observe, fulfill and perform each term and condition of the franchise, and that in case of any breach of condition of the bond, the amount thereof shall be recoverable from the principal and sureties thereof for all damages resulting from the failure of grantee to well and faithfully observe and perform any provision of the franchise. Grantee shall pay all premiums chargeable for bond and shall keep the same in force and effect at all times throughout the term of the franchise. The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire prior to thirty (30) days after written notice to that effect is given to the county and grantee. The bond shall be in a form satisfactory to the county, a duplicate copy of it, along with written evidence of payment of the required premiums, shall be filed with the county during the term of the franchise.

(Ord. of 2-16-88, § 10)

(Ord. of 2-16-88, § 10)