§ 23.18. Security Fund.

Every Communications Services Provider shall make a Twenty-Five Thousand Dollar ($25,000) cash deposit, or shall file with the city an irrevocable letter of credit in the same amount, which shall serve, and be referred to, as the "Security Fund." The Security Fund shall be conditioned upon the full and faithful compliance with and performance by the Communications Services Provider of all requirements, duties and obligations imposed by the provisions of the Orlando Communications Right-of-Way Utilization Ordinance at all times. The letter of credit shall be in a form and issued by an institution acceptable to the City's Chief Financial Officer. Should the city draw upon the Security Fund, it shall promptly notify the Communications Services Provider, and the Communications Services Provider shall promptly restore the cash deposit or letter of credit to the full amount. The Security Fund shall be maintained until the later of (a) the effective date of transfer, sale or assignment by the Communications Services Provider of all its Facilities in the Public Rights-of-Way, (b) twelve (12) months after the removal or abandonment by the Communications Services Provider of all of its Facilities in the Public Rights-of-Way or (c) six (6) months after the termination of Registration, including any appeals undertaken pursuant to Section 23.11 herein. Upon the later of these events the cash deposit will be returned without interest or the letter of credit may be cancelled. In the event a Communications Services Provider fails to perform any requirement, duty or obligation imposed upon it by the provisions of this Chapter, there shall be recoverable, jointly and severally from the Security Fund, any damages or loss suffered by the City as a result, including the full amount of any compensation, indemnification or cost of removal, relocation or abandonment of any Facilities in Public Rights-of-Way, plus a reasonable allowance for attorneys' fees, up to the full amount of the Security Fund.

(Ord. of 6-18-2001, § 2, Doc. #33875)