§ 16.60.155. Letter of credit or security fund.

Latest version.

A.

In addition to the performance bond required in Section 16.60.140, the county may require a clean, irrevocable letter of credit or establishment of a security fund, to be maintained in an amount to be specified in the ordinance granting the franchise, as security for compliance with time and performance requirements of the franchise. In the event the county withdraws any funds from any such instrument(s), franchisee shall replenish the amount withdrawn within ten business days. The rights reserved with respect to a letter of credit or a security fund are in addition to all other rights of the county.

(Ord. 88-0159F § 1 (part), 1988.)

                    
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