A. The grantee shall, concurrently with the filing of and acceptance of award of any franchise granted under this chapter, file with the City Clerk and at all times thereafter maintain in full force and effect for the term of such franchise or any renewal thereof, at grantee’s sole expense, a corporate surety bond in a company and in a form approved by the City Attorney, in an amount to be determined by the City Council upon the granting of the franchise, or in such other amounts as the corporation surety bond shall be conditioned upon the faithful performance of grantee, and upon the further condition that in the event grantee shall fail to comply with any one or more of the provisions of this chapter, or of any franchise issued to the grantee hereunder, there shall be recoverable jointly and severally from the principal and surety of such bond any damages or loss suffered by the City as a result thereof, including the full amount of any compensation, indemnification, or cost of removal or abandonment of any property of the grantee as prescribed hereby which may be in default, plus a reasonable allowance for attorney’s fees and costs, up to the full amount of the bond, said condition to be a continuing obligation for the duration of such franchise and any renewal by the grantee or from its exercise of any privilege therein granted. The bond shall provide that 30 days’ prior written notice of intention not to renew, cancellation or material change be given to City.

B. Neither the provisions of this section, nor any bond accepted by the City pursuant hereto, nor any damages recovered by the City thereunder, shall be construed to excuse faithful performance by the grantee or limit the liability of the grantee under any franchise issued hereunder or for damages, either to the full amount of the bond or otherwise.