§ 59-12. Performance and construction bond.

During the life of the franchise, the company shall give to the Township a bond in the amount of $25,000. Such bond shall be to ensure the faithful performance of all undertakings of the company as represented in its application for municipal consent incorporated herein. The Township may request a higher performance bond than the $25,000 required by the Act by establishing a need, which normally is found to exist in the event that the company will be engaging in significant construction within the public right-of-way to accommodate new or updated equipment. A request for an increased performance bond is subject to review and approval by the Board. At the request of the Township, the company shall provide updated information pertaining to the performance bond on an annual basis.