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Page Section# Section Name Comments
<br /> At the time the Franchise becomes effective and at all times
<br /> thereafter� ..*;, �,�o �.,��o,,., , ,�,..,ao�,.,., ,�oo., ,. ..,e*o,� the
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<br /> Crrantee shall furnish a bond to City in the amount of One
<br /> Hundred Thousand and No/100 Dollars ($100,000)in a form
<br /> and with such sureties as reasonably accepta.ble to City. This
<br /> bond will be conditioned upon the faithful performance by
<br /> the Grantee of its c�>�*�m „„^�-^a� Franchise obligations and
<br />' upon the further condition that in the event the Grantee shall
<br /> fail to comply with any law, ordinance or regulation
<br /> governing the Franchise, there shall be recoverable jointly
<br /> and severally from the principal and surety of the bond any
<br /> damages or loss suffered by City as a result, including the
<br /> full amount of any compensation, indemnification or cost of
<br /> removal or abandonment of any property of the Grantee,plus
<br /> a reasonable allowance for attomeys' fees and costs,up to
<br /> the full amount of the bond, and further guazanteeing
<br /> payment by the Grantee of claims, liens and taxes, due City
<br /> which arise by reason of the construction, operation, or
<br /> maintenance of the System. The rights reserved by City with
<br /> respect to the bond are in addition to all other rights City
<br /> may have under the Franchise or any other law. City may,
<br /> from year to year, in its sole discretion,reduce the amount of
<br /> the bond.
<br /> City's Determination: i
<br /> Insight proposes to modify this section to require a$100,000 ',
<br /> bond throughout the entire term of the Ordinance. In th�
<br /> City's view the sole purpose of the bond was to ensure that if
<br /> Insight undertook significant construction within the City's
<br /> rights-of-way the City would have sufficient resources to
<br /> repair any damage done to the rights-of-way. If there is no
<br /> substantial construction occurring in the right-of-way there is
<br /> no need for maintenance of a$100,000 bond by Insight.
<br /> Thus Insight's proposed changes are not required since a
<br /> $100,000 bond would not need to be posted by Insight given
<br /> that there is no significant construction to be undertaken by
<br /> Insight under its proposal.
<br /> 26 9.2(a) Security Fund Insights' s Proposal:
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