§ 30-330. Performance and completion bond.

Unless otherwise provided in a franchise agreement, a performance bond written by a corporate surety acceptable to the city, and authorized to transact business in the state, equal to at least 100 percent of the estimated cost of constructing permittee's cable facilities within the public rights-of-way of the city shall be deposited before construction is commenced.

(1)

The performance bond shall remain in force until 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.

(2)

The performance bond shall guarantee, to the satisfaction of the city:

a.

Timely completion of construction;

b.

Construction in compliance with applicable plans, permits, technical codes and standards;

c.

Proper location of the facilities as specified by the city;

d.

Restoration of the public rights-of-way and other property affected by the construction;

e.

The submission of as-built drawings after completion of the work as required by this division; and

f.

Timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work.

(Code 2006, § 12.44.28)