Unless otherwise provided in a franchise agreement, or unless the City otherwise specifically approves an alternative security to assure performance, a performance bond written by a corporate surety acceptable to the City, and authorized to transact business in Oregon, equal to at least 100% of the estimated cost of constructing grantee’s telecommunications facilities within the public rights-of-way of the City shall be deposited before construction is commenced.
A. 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.
B. The performance bond 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. (Ord. 2850 § 21, amended, 10/19/1999)