The authorized agency shall, within 30 days after notification of the granting of a permit under this Article, file with City’s Controller, and at all times thereafter maintain in full force and effect for the entire term of the permit, at its expense, a faithful performance bond executed by a surety company approved by said Controller and in form satisfactory to the City Attorney of the City and County of San Francisco, in the amount of $5,000, renewable annually and conditioned upon the faithful performance by the authorized agency of all of the terms, conditions and covenants contained in said permit, and that in the event the authorized agency shall fail to comply with any one or more of the provisions of said permit, then there shall be recoverable jointly and severally from the principal and surety of such bond, any damages or losses suffered by the City as a result thereof. Said bond, without limiting the applicability of the foregoing provisions, shall guarantee payment of the cost of any and all connections, and extensions and connections, referred to in Section 1304 and Section 1307 of this Article. Said bond shall provide that 30 days’ prior written notice of cancellation, material change or intention not to renew said bond be given to the City at Room 109, City Hall. Neither the provisions of any bond accepted by the City pursuant hereto, nor any damages recovered by the City, shall be construed to excuse faithful performance by the authorized agency of the terms, conditions and covenants of any permit issued pursuant to this Article, or limit the liability of the authorized agency, or preclude exercise of any other right or remedy given to the City by law, whether exercised concurrently or subsequently.
(Added by Ord. 223-63, App. 8/29/63)