Ord 1290 - AMENDING THE TOWN CODE OF THE TOWN OF LOS GATOS CONCERNING REDUCTION IN SURETY BONDORDINANCE NO. 1290
ORDINANCE AMENDING THE TOWN CODE OF
THE TOWN OF LOS GATOS CONCERNING
REDUCTION IN SURETY BOND
THE TOWN COUNCIL OF THE TOWN OF LOS GATOS DOES ORDAIN:
SECTION 1.
Section 9 -14(a) of the Town Code of the Town of Los Gatos is
amended to read:
SE C. 9 -14 SURETY BOND REQUIRED
(a) The grantee shall, concurrently with the filing of and
acceptance of award of any franchise granted under this
chapter, file with the Town Clerk, and at all times
thereafter maintain in full force and effect for the term
of such franchise or any renewal thereof, at the grantee's
sole expense, a corporate surety bond in a company approved
by the Town Manager, and in a form approved by the Town
Attorney, in the amount of $12,500.00, renewable annually,
and conditioned upon the faithful performance of the grantee,
and upon the further condition that in the event the 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 Town as a result thereof, including the
full amount of any compensation, indemnification, or cost of
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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; such condition to be a continuing
obligation for the duration of such franchise and any
renewal thereof and thereafter until the grantee has liquidated
all of its obligations with the Town that may have arisen
from the acceptance of such 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 Town.
SECTION 2.
This ordinance shall take effect and shall be in force 30 days
after the date of its adoption. The Town Clerk of the Town of Los
Gatos shall cause this ordinance to be published once within 15 days
after its adoption, in the Los Gatos Times - Saratoga Observer, a
newspaper of general circulation, published and circulated in the.Town
of Los Gatos.
The above and foregoing ordinance was duly and regularly introduced
at a regular meeting of the Town Council of the Town of Los Gatos held
on the 2nd day of F ebruary _ , 1976.
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PASSED AND ADOPTED as an ordinance of the Town of Los Gatos,
California„ at a regular meeting of the Town Council, held on the
17th
day of February , 1976.
AYES: COUNCIL MEMBERS Ruth Cannon
Mark B. DiDuca
John B. Lochner
Albert B. Smith
Egon Jensen
NOES : COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS
SIGNED:
ATTEST:
CLERK O THE T WN F L09 GATOS
None
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