§ 76-52. Performance bond and deposit.

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Upon being granted a franchise, the grantee shall file with the county manager, and shall, thereafter, annually, during the period of the franchise, maintain in full force and effect a corporate performance bond running in favor of the county, written by an approved corporate surety, in a sum no less than the highest monthly franchise fee paid by the grantee to the county in the preceding calendar year, plus ten percent thereof, or $25,000.00, whichever is greater. The amount of the bond shall be recoverable from the principal and sureties thereof for all damages resulting from the failure of the grantee to make any payment of all fees or amounts required herein to be paid to the county.

(Code 1983, § 33-4-22)

                    
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