The licensee shall, within 30 calendar days after the award of a license under this chapter, file with the licensor a performance bond in the amount of $50,000.00, payable to the City, on the condition that the licensee shall well and truly observe, fulfill and perform each term and condition of the license, including the full amount of any compensation, indemnifications, or cost of removal or abandonment of any property of the licensee, plus a reasonable allowance for attorneys’ fees and costs, up to the full amount of the bond.

Upon initiation of system construction or initiation of the system construction schedule, the amount of bond shall be increased to at least $500,000.00 or more as determined by the Street Transportation Director based on the level of construction in the right-of-way.

Beginning one year after completion of the construction schedule as required in the license, the amount of bond shall be reduced per year until the bond amount is $150,000.00. This amount shall be maintained for the remaining period of the license. (Ord. No. G-2199, § 1; Ord. No. G-3313, § 1; Ord. No. G-3961, § 1, 1996; Ord. No. G-7028, § 11, 2022)