§ 54.75. Bonds.

(a)

Unless the applicant supplies other acceptable financial guarantees or demonstrates financial responsibility satisfactory to the Director of Finance and the City Attorney, all persons submitting a request for a Telecommunication Permit to construct a Private Communications System in accordance herewith shall file with their request bonds solely for the protection of the City with a surety company or trust company or companies as surety or sureties in the amount of $5,000.00 to protect the City from any and all damages or costs suffered or incurred by the City as a result thereof, including, but not limited to, attorney's fees and costs of any action or proceeding, and including the full amount of compensation, indemnification, cost of removal or abandonment of any property or other costs which may be in default, up to the full principal amount of such bond; and the condition shall be a continuing obligation during the entire term of any Telecommunication Permit issued in accordance herewith and thereafter until the Permittee shall have satisfied in full any and all obligations to the City which arise out of or pertain to the Telecommunication Permit for a Private Communications System.

(b)

None of the provisions of this section nor any bond accepted by the City pursuant hereto, nor any damages recovered by the City thereunder, shall be construed to excuse the faithful performance by or limit the liability of the permittee under this Article or any Telecommunication Permit issued in accordance herewith or for damages either to the full amount of such bond or otherwise.

(Ord. of 9-14-1987, Doc. #21481)