§ 8AA-125. Faithful performance and payment bond.  


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  • The Registrant shall within thirty (30) days of the effective date of a Registration granted under this article, furnish to the Consumer Services Department a performance bond or an irrevocable letter of credit issued by a Florida bank or a federally insured lending institution in the amount of one hundred thousand dollars ($100,000.00). Such bond shall be maintained by the Registrant throughout the term of the Registration. The Registrant shall pay all premiums and keep the bond in full effect and force at all times throughout the term of the Registration, including, if necessary, the time required for removal of all the Registrant's system installed in the County's streets, and for one (1) year after the Registration expires or is terminated. The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire without thirty (30) days prior written notice first being given to the Director and the Risk Manager. 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 Registrant shall maintain a copy of the bond on file with the County along with written evidence of the required premiums.

(Ord. No. 99-167, § 1, 12-16-99; Ord. No. 01-109, § 4, 6-19-01)