Security required.
Las Vegas Municipal Code § 6.20.200
in effect6.20.200 - Security required.
(A) As security for performance of its rights-of-way obligations under this Chapter, a VSP shall, at all times during which it holds a certificate of authority permitting the VSP to provide video service within the City, provide security in the form of a letter of credit, performance bond or cash deposit, delivered to the Director of the Department of Finance, in the amount of one hundred thousand dollars.
(B) If a VSP has already posted a letter of credit, performance bond, or cash deposit for one hundred thousand dollars or more in connection with its use of the City's right-of-way for other purposes, the provisions of Subsection (A) of this Section shall not apply to the VSP provided that such existing security is in full force and effect during all times of VSP's use of the right-of-way for video service purposes and the terms of such security are made applicable to the VSP's use of the right-of-way for video service purposes in accordance with the terms of Subsections (C), (D) and (E) of this Section.
(C) Any bond provided pursuant to this Section shall:
(1) In addition to all other costs, provide for payment of reasonable attorney's fees;
(2) Be issued by a surety company authorized to do business in the State of Nevada and listed in Department Circular 570 of the U.S. Department of the Treasury Fiscal Service (Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies, Current Revision);
(3) Require the attorney-in-fact who executes the bond on behalf of the surety to affix thereto a certified and current copy of his or her power of attorney; and
(4) Guarantee the performance of all of the VSP's rights-of-way obligations under its certificate of authority and all applicable laws.
(D) The following procedures shall apply to drawing on the security required in this Section:
(1) If a VSP fails to make timely payment of any amount due to the City, or fails to compensate the City within thirty days of written notification that such amount is due for any damages, costs or expenses the City suffers or incurs by reason of any act or omission of the VSP, or fails after thirty days' written notice to comply with any provision of its certificate or this Code that can be remedied by drawing on the security, the City may withdraw the amount thereof, with applicable interest and penalties, from the security.
(2) Within three days of a withdrawal from the security, the City shall personally deliver or send by certified mail written notification to the VSP of the amount, date and purpose of such withdrawal.
(3) If at the time of a withdrawal from the security by the City, the amounts available are insufficient to provide the total payment towards which the withdrawal is directed, the balance of such payment shall continue as the obligation of the VSP to the City until it is paid.
(4) No later than thirty days after the delivery or mailing of notification to the VSP of a withdrawal from the security, the VSP shall restore the security to the total amount specified in Subsection (A) of this Section.
(E) Recovery by the City of any amount from the security required by this Section does not limit a VSP's obligation to provide insurance or to indemnify the City as otherwise required by this Chapter.
(Ord. No. 6816, § 13, 8-17-22; Ord. 5989 § 22, 2008)
Source: City of Las Vegas, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/nv/las_vegas/codes/code_of_ordinances?nodeId=TIT6BUTALIRE_CH6.20CATESEOTVISEPR_6.20.200SEREFetched: 10/28/2026