§ 8.08.140. Faithful performance.

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Concurrent with the granting of the franchise pursuant to this chapter, the franchisee shall deposit with the town a cash deposit, irrevocable letter of credit, or other such document evidencing an irrevocable cash deposit payable to the town, in the amount of one hundred thousand dollars, in a form approved by the town attorney, guaranteeing franchisee's faithful performance of the terms of its franchise agreement and shall promptly pay all just claims for any labor skill rendered or equipment or material used in the performance of this chapter. Such cash deposit or letter of credit shall be maintained in effect throughout the duration of the franchise agreement.

(Ord. No. 459, §§ 1, 2, 3-27-2007; Ord. 257, § 2(part), 1995)

                    
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