Each applicant for a franchise under this chapter shall submit a nonrefundable
filing fee in the amount of $1,000, which shall be payable to the City. All
such fees shall be credited to the general fund of the City for the purposes
of investigation of franchise applications and enforcement and administration
of the provisions of this chapter. Notwithstanding the above, the full amount
of the franchise fee shall be returned to all applicants if no franchise is
awarded.
Prior to the execution of a franchise agreement, a franchisee shall
deposit $1,000 in an escrow account with the City Director of Finance, to
be held by the City and invested throughout the initial and any subsequent
term of a franchise. This fund will provide cash as security for the faithful
performance by the franchisee of the provisions of this chapter and of its
franchise relating to construction and compliance with all orders, permits
and directions of any department of the City having jurisdiction over its
acts or defaults. Within 30 days after notice to it that any amount has been
withdrawn from the security fund deposit as provided herein, the franchisee
shall deposit in such account a sum of money equal to the amount withdrawn.