§ 4.4-11. Bond required.

(a)

The franchisee shall, concurrently with the filing of and acceptance of award of any franchise granted under this chapter, file with the board, and at all times thereafter maintain in full force and effect for the term of such franchise or any renewal thereof, at franchisee's sole expense, a corporate surety bond in a company and in a form approved by the board, in the amount of five thousand dollars ($5,000.00), renewable annually, and conditioned upon the faithful performance of the franchisee, and upon the further condition that in the event the franchisee shall fail to comply with any one or more of the provisions of this chapter or of any franchise issued to the franchisee hereunder, there shall be recoverable jointly and severally from the principal and surety of such bond any damages or loss suffered by the county as a result thereof, including the full amount of any compensation, indemnification, or cost of removal or abandonment of any property of the franchisee as prescribed hereby which may be in default, plus a reasonable allowance for attorney's fees and costs, up to the full amount of the bond, said condition to be a continuing obligation for the duration of such franchise and any renewal thereof and thereafter until the franchisee has liquidated all of its obligation with the county that may have arisen from the acceptance of said franchise or renewal by the franchisee or from its exercise of any privilege therein granted. The bond shall provide that thirty (30) days' prior written notice of intention not to renew, cancellation or material change be given to the county.

(b)

Neither the provisions of this section, nor any bond accepted by the county pursuant hereto, nor any damages recovered by the county thereunder, shall be construed to excuse faithful performance by the franchisee or limit the liability of the franchisee under any franchise issued hereunder or for damages, either to the full amount of the bond or otherwise.

(Ord. No. 73-6, § 13)