<div class="chunk-title">Sec. 50-62. - Performance bond.</div>
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            <p class="incr0">
               (a)
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               Any grantee under this division shall, concurrently with the filing of its acceptance
               of a franchise, file with the clerk to the board of county commissioners and at all
               times thereafter maintain in full force and effect for the term of a franchise, at
               the grantee's sole cost and expense, a bank letter of credit or a corporate surety
               bond with a company in a form approved by the county attorney and in an amount set
               forth in the franchise agreement between the grantee and the county, renewable and
               negotiable annually, and conditioned upon the faithful performance of the grantee
               of all of the terms and conditions of its franchise for the term of the franchise.
               The surety bond renewal negotiation shall not extend beyond 30 days, after which the
               county's decision shall be determinative and final.
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               (b)
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            <p class="content1">
               If the county shall, under other terms of a franchise, revoke the franchise of the
               grantee other than by reason of the involuntary acquisition by the county of the grantee's
               property, the county shall be entitled to recover under the terms of such bond the
               full amount of any loss occasioned to the county by reason of such breach or violation
               to the full amount of such bond.
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               (c)
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               No recovery by the county of any sum pursuant to the performance bond required in
               this section shall be any limitation on the liability of the grantee to the county
               under the terms of this section, except that any sums so received by the county shall
               be deducted from any recovery which the county might have against the grantee under
               the terms of this article. Any recovery by the county of any sum pursuant to the performance
               bond required shall cause and require the grantee to renew and refund the bond back
               to the initial amount of the level as set forth in the franchise agreement between
               the grantee and the county.
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            <p class="historynote0">
               (Code 1978, Â§ 6-128)
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