§ 30-53. Surety bond.

Within 60 days of the effective date of the granting, transfer, expansion or modification of a franchise, and at the time of acceptance, a grantee shall post and maintain with the county a cash bond, a surety bond or some other comparable security instrument (e.g., irrevocable standby letter of credit), to be approved by the county attorney, in an amount to be determined by the county council. Any surety bond shall bind a grantee and the surety jointly and severally to the county as obligee. The bond or other security instrument shall be given as security for and shall be conditioned upon the faithful performance and discharge by a grantee of all material obligations imposed on it under this chapter, as amended, and any resolution of the county council pertaining to a grantee's franchise and accepted by the grantee. The bond or security instrument shall remain in effect during the term of this agreement (and during any renewal or extension thereof); and the bond or security unit may not be modified, canceled or terminated until 30 days after receipt by the county manager of the county of two copies of such written notice of any intent to modify, cancel, terminate or refuse to renew the bond or cancel the bond or withdraw the security. The original of the bond or security instrument shall be filed with and maintained by the county manager. All rights reserved to the county with respect to the surety bond or security instrument, are in addition to all other rights of the county, whether granted or reserved by this agreement or otherwise authorized by law; and no action, proceedings or exercise of a right with respect to the bond or security units shall affect any other right which the county may have. The surety bond may be reduced or waived for any geographic expansion, modification or transfer of a franchise.

(Ord. No. 88-10, § 22, 5-19-88; Ord. No. 94-10, § VIII, 6-9-94)