§ 27-16. Security fund.

(a)

At the time of registration under this chapter, the registrant shall be required to file with the county a security fund in the form of cash deposit or irrevocable letter of credit in the sum of $25,000.00 conditioned on the full and faithful performance by the registrant of all requirements, duties and obligations imposed upon the registrant by the provisions of this chapter. The letter of credit shall be in a form and issued by an institution acceptable to the county administrator.

(b)

Should the county draw upon the security fund, it shall promptly notify the communications services provider, communications facility provider, or pass-through provider, and the communications services provider, communications facility provider, or pass-through provider shall promptly restore the cash deposit or letter of credit to the full amount. The security fund shall be maintained until the later of (1) the effective date of transfer, sale or assignment by the communications services provider, communications facility provider, or pass-through provider of all its communications facilities in the public rights-of-way; (2) twelve months after the removal or abandonment by the communications services provider of all of its facilities in the public rights-of-way; or (3) six months after the termination of registration, including any appeals undertaken, pursuant to section 27-11. Upon the later of these events the cash deposit will be returned without interest or the letter of credit may be cancelled.

(c)

In the event a communications services provider, communications facility provider, or pass-through provider fails to perform any requirement, duty or obligation imposed upon it by the provisions of this chapter, there shall be recoverable, jointly and severally from the security fund, any damages or loss suffered by the county as a result, including the full amount of any compensation, indemnification or cost of removal, relocation or abandonment of any communications facilities in public rights-of-way, plus a reasonable allowance for attorneys' fees, up to the full amount of the security fund.

(Ord. No. 17-51, § 3, 12-12-17)