§ 57.13. SECURITY FUND.

At or prior to the time a Registrant receives its first permit to place or maintain a communications facility in Public Rights-of-Way after the effective date of this Chapter, the Registrant may be required to file with the City, for city approval, an annual bond, cash deposit or irrevocable letter of credit in the sum of twenty-five thousand dollars ($25,000.00) having as a surety a company qualified to do business in the State of Florida, and acceptable to the risk manager, which shall be referred to as the "security fund." The security fund shall be maintained from such time through the earlier of: 1. transfer, sale, assignment or removal of all communications facilities in Public Rights-of-Way; or 2. twelve (12) months after the termination or cancellation of any Registration. The security fund shall be conditioned on the full and faithful performance by the Registrant of all requirements, duties and obligations imposed upon Registrant by the provisions of this Chapter. The security fund shall be furnished annually or as frequently as necessary to provide a continuing guarantee of the Registrant's full and faithful performance at all times. In the event a Registrant fails to perform its duties and obligations imposed upon the Registrant by the provisions of this ordinance, subject to Section 57.14 of this Chapter, there shall be recoverable, jointly and severally, from the principal and surety of 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 of the Registrant in Public Rights-of-Way, plus a reasonable allowance for attorneys' fees, up to the full amount of the security fund. Notwithstanding the foregoing, the City may in its discretion not require a security fund or may accept a corporate guarantee of the Registrant or its parent company.

(Ord. No. 50-01, § 1, passed 9/19/01)