5.26.090 Performance and Completion Bond.
Unless otherwise provided in a franchise agreement, a performance bond, letter of credit, or other form of surety acceptable to the City equal to at least 100% of the estimated cost of constructing permittee's tele-communications facilities within the public rights-of-way of the City, shall be provided before construction is commenced.
A. The surety shall remain in force until sixty (60) days after substantial completion of the work, as determined in writing by the City, including restoration of public rights-of-way and other property affected by the construction.
B. The surety shall guarantee, to the satisfaction of the City:
1. Timely completion of construction;
2. Construction in compliance with applicable plans, permits, technical codes, and standards;
3. Proper location of the facilities as specified by the City;
4. Restoration of the public rights-of-way and other property affected by the construction; and
5. Timely payment and satisfaction of all claims, demands, or liens for labor, material, or services provided in connection with the work.