Bonds.
Memphis Code of Ordinances § 6-28-16
in effectSec. 6-28-16. - Bonds.
A. Grantee shall obtain and maintain, at its sole cost and expense, and file with the division of finance and administration, a corporate surety bond with a surety company authorized to do business in the State of Tennessee and found acceptable by the city attorney, in the amount of $100,000.00, both to guarantee the timely construction and full capability of grantee's system, and to secure grantee's performance of its obligations and faithful adherence to all requirements of this chapter. On and after June 30, 2000, the city reserves the right to impose a reasonable bond requirement applicable to all telecommunication franchisees to secure grantee's performance of its obligations and faithful adherence to all of the requirements of this chapter. Grantee shall provide this corporate surety bond at the time of execution of a written acceptance of a franchise agreement as required by section 6-28-22.
B. The rights reserved to the city with respect to the bond are in addition to all other rights of the city, whether reserved by this chapter or authorized by law; and no action, proceeding or exercise or a right with respect to such bond shall affect any other right the city may have.
C. The bond shall contain the following endorsement:
"It is hereby understood and agreed that this bond may not be cancelled by the surety nor any intention not to renew be exercised by the surety until 60 days after receipt by the city, by registered mail, of written notice of such intent."
(Code 1985, § 10-152; Ord. No. 4398, § 17, 11-19-1996)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/code_of_ordinances?nodeId=TIT6BULIRE_CH6-28FIOPTEREFR_S6-28-16BOFetched: 10/28/2026