§ 4.40.170. Security deposit

At the time of acceptance of the franchise, the operator shall deliver to the city a certified or cashier's check payable to the city in the amount of $10,000.00. The check shall be cashed and the proceeds retained by the treasurer of the city in a special account. Said sum shall be maintained by the treasurer as security for the faithful performance by the operator of all of the provisions of the franchise, any damages, including, but not limited to, liquidated damages, delinquent franchise fees, compensation and costs of completing of repairing the cable television system, and compensation and costs of removal of abandoned property, and repair of streets, and other public or private improvements incurred as a result of the failure of the operator to comply with the provisions of the franchise. Interest earned upon the sum shall accrue to the credit of the account.

Within ten calendar days after notice is mailed to the operator that any amount has been withdrawn from the special account, the operator shall deposit with the treasurer of the city such sum as may be necessary to restore the account to its required amount, including any interest which may have accrued and been credited to the account.

Upon the termination of the franchise and the payment of any damages which are due, the balance of the security deposit shall be paid to the operator.

(Ord. No. 286)