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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 -1- 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. -2- 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 -3-