§ 15-122. Bond

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 the 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 conditions 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 sixth day of December, 1954; 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 to the city in connection therewith shall likewise be forfeited.

(Code 1960, § 7416)

refeditor

This bond is Bond No. 220021, accepted by Res. No. 99, December 6, 1954.