A. The grantee shall, concurrently with the filling 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 in a company and in a form approved by the city attorney, in the amount of ten thousand dollars, renewable annually, and 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 under this chapter, 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 by this chapter 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 durations of such franchise and any renewal thereof and thereafter until the grantee has liquidated all of its obligations with the city that may have arisen from the acceptance of said franchise or renewal by the grantee or from its exercise of any privilege therein granted. The bond shall provide that thirty days prior written notice of intention not to renew, cancellation, or material change, be given to the city. (Ord. 473 §1, 2002).