The grantee of this franchise shall file a bond, running to the city, with at least
two (2) good and sufficient sureties, to be approved by the legislative body thereof,
in a penal sum of one thousand dollars ($1,000.00), conditioned that the grantee shall
well and truly observe, fulfill and perform each and every term and condition of this
franchise, and that in case of any breach of condition of said bond, the whole amount
of the penal sum therein named shall be taken and deemed to be liquidated damages
and shall be recoverable from the principal and sureties upon said bond. Said bond
shall be filed with the legislative body of the city within five (5) days after the
date of the granting of this franchise; and in case said bond shall not be so filed,
or shall not receive the approval of the legislative body, this franchise shall be
forfeited and any money paid in connection therewith shall likewise be forfeited.
(Code 1960, § 7406)
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