The licensee must provide the City with an initial performance bond in the amount of $50,000.00, payable to the City, conditioned on the licensee observing, fulfilling and performing every term and condition of the license.

At such time as the licensee begins incidental construction on the system, the Street Transportation Director may increase the required level of performance bond to a level commensurate with cable system construction in the right-of-way.

Upon initiation of major system construction, the amount of bond will increase to at least $300,000.00 as determined by the Street Transportation Director based on the level of construction in the right-of-way.

One year after completion of major construction, the amount of bond will be reduced to $200,000.00 for the remaining period of the license. (Ord. No. G-6034, 2015)