§ 8AA-24. Permanent performance and payment bond.

The licensee shall within thirty (30) days of the effective date of an initial license granted under this chapter or within thirty (30) days of the granting of a renewal or the transfer of a license existing prior to this chapter, furnish to the County a performance bond or an irrevocable letter of credit issued by a Florida bank or a federally insured lending institution. The performance bond amount shall be based on the number of total homes passed by the cable system, regardless of whether the cable is owned or leased by the licensee, for cable service in the following amounts:

0 to 100,000 total homes passed ..... $100,000.00

100,001 to 150,000 total homes passed ..... $300,000.00

150,001 and up total homes passed ..... $500,000.00

The licensee's bond amount shall be determined based upon the required reports to be filed with the County on January 25th each year. If multiple licensees are owned by a common parent company, such licensees may meet the requirements of this provision by posting a joint bond in an amount equal to the sum of each licensee's bond obligation, but not exceeding $1,000,000.00, in which event they shall be jointly and severably liable for any failure to perform under their individual licenses.

The performance bond or letter of credit shall be used to guarantee the compliance with performance requirements and payment of all sums which may become due to the County under this chapter. The performance bond or letter of credit shall be maintained in the full amount specified herein throughout the term of the license and for one (1) year after the license expires or is terminated, without reduction or allowances for any amounts which are withdrawn or paid pursuant to this chapter.

(Ord. No. 90-73, § 1, 7-24-90; Ord. No. 03-122, § 1, 5-6-03)