Sec. 711.413. - Surety Fund.

(a) At or prior to the time a Registrant receives its first Permit to place, maintain or Collocate a Communications Facility in City Rights-of-Way after the effective date of this Chapter, the Registrant shall be required to file with the City, for City approval, an annual bond or irrevocable evergreen letter of credit (in a form approved by the City and issued by a financial institution with a location in the City), having as a surety a company qualified to do business in the State of Florida, and acceptable to the Director (consulting with the City's Risk Management Division), which shall be referred to as the "Surety Fund." The Surety Fund shall be required as follows: in the sum of $3,000 per pole for up to 10 poles; for 11—50 poles, the sum of $45,000; for 51—100 poles, the sum of $75,000 and 101+ poles, the sum of $100,000. The Surety Fund shall be maintained from such time through the earlier of: (i) transfer, sale, assignment or removal of all Communications Facilities in City Rights-of-Way or; (ii) 12 months after the termination or cancellation of any Registration. The Surety Fund shall be conditioned on the full and faithful performance of all duties and obligations relating to indemnification and abandonment of all requirements, duties and obligations imposed upon Registrant by the provisions of this Chapter. The Surety Fund shall be furnished annually or as frequently as necessary to provide a continuing guarantee of the Registrant's full and faithful performance of all duties and obligations relating to indemnification and abandonment imposed upon Registrant by the provisions of this Chapter at all times. In the event a Registrant fails to perform its duties and obligations relating to indemnification and abandonment imposed upon the Registrant by the provisions of this Chapter, subject to Section 711.414 of this Part, there shall be recoverable, jointly and severally from the principal and surety of the Surety Fund, any damages or loss suffered by the City as a result, including the full amount of any compensation, indemnification or cost of removal, relocation or abandonment of any property of the Registrant, plus a reasonable allowance for attorneys' fees, up to the full amount of the Surety Fund. The City may in its reasonable discretion accept a Surety Fund from the Registrant or its parent company, or other entity acceptable to the Director. (b) Prior to drawing from the Surety Fund, the City shall notify the Registrant of the reason for such withdraw and provide the Registrant no less than 30 days to make payment or to object to such withdraw. If the Registrant objects, the Registrant may appeal the City's notice of withdraw pursuant to Section 711.406 . (c) Should the City draw upon the Surety Fund, it shall promptly notify the Registrant, and the Registrant shall promptly restore the cash deposit or letter of credit to the full amount. (Ord. 2017-863-E , § 4; Ord. 2019-770-E , § 5)