Ordinance 2510-01 - Laserfiche WebLink

and severally liable for all damages and correcting all damage caused by them. It is Grantee's responsibility to ensure that contractors, subcontractors or other Persons performing work on Grantee's behalf are familiar with the requirements of this Franchise and other applicable laws governing the work performed by them. 8.18. Construction Bond A. Prior to commencing construction, Grantee shall provide an Assurance to ensure the faithful performance of its responsibilities under this Franchise and applicable law, including, by way of example and not limitation,its obligations to restore City streets and other property. The amount of the Assurance shall be two hundred fifty thousand dollars ($250,000), or such lesser or greater amount as is comparable to that required of Telecommunication System providers in the City for construction projects of comparable size, cost and complexity. Normally, the amount of the Assurance shall not exceed 125% of the Permittee's estimated cost of the construction in the public rights of way of the City. Grantee shall pay all premiums or costs associated with maintaining the Assurance, and shall keep the same in full force and effect until the construction of the Telecommunications System shall have been completed and all restoration of public and private property shall have occurred regarding thereto. Thereafter, the Assurance shall be exonerated, subject to the mutual written agreement of the parties. B. The Assurance may be drawn upon by the City for any proper purpose under this Franchise or as otherwise provided by applicable law. C. The City shall give Grantee written notice of any withdrawal under this subsection upon such withdrawal. Within seven (7) days following receipt of such notice, Grantee shall restore the Assurance to the amount required under this Franchise. Grantee's maintenance of the Assurance shall not be construed to excuse unfaithful performance by Grantee or to limit the liability of Grantee to the amount of the Assurance or otherwise to limit the City's recourse to any other remedy available at law or equity. D. Grantee shall have the right to appeal to the City Council for reimbursement in the event Grantee believes that the Assurance was drawn upon improperly. Grantee shall also have the right of judicial appeal if Grantee believes the Assurance has not been properly drawn upon in accordance with this Franchise. Any funds the City erroneously or wrongfully withdraws from the Assurance shall be returned to Grantee with interest, from the date of withdrawal at a rate equal to the prime rate of interest as quoted in the Wall Street Journal. 9. RELOCATION AND MOVEMENT OF FACILITIES 9.1. Movement of Telecommunication Facilities For City Purposes A. The City shall have the right to require Grantee to relocate, remove, replace, modify or disconnect Grantee's Facilities and equipment located in the Rights-of-Way or on any other property of the City in the event of an emergency or when reasonable public convenience requires such change (for example, without limitation, by reason of traffic conditions, public safety, Right- of-Way vacation, Right-of-Way construction, change or establishment of Right-of-Way grade, 21 of 29