15.12.060 BOND.

The successful bidder for any franchise or privilege struck off, sold and awarded under Chapters 15.08 through 15.16 shall file with the Council within five days after such franchise has been awarded, a bond running to city, with at least two good and sufficient sureties, to be approved by council, or with a satisfactory corporate surety, in a penal sum by the City to be prescribed, and set forth in the advertisement for bids, conditioned that such bidder or bidders shall well and truly observe, fulfill and perform every term and condition of such franchise, and that in case of any breach of condition of such bond, the whole amount of the penal sum therein named shall be paid, and upon the filing and approval of such bond, such franchise shall, by council, be granted by ordinance to the person to whom it has been struck off, sold or awarded, and in case such bond has not been so filed, the award of such franchise shall be set aside, any money paid therefor shall be forfeited, and such franchise shall, in the discretion of council, be readvertised and again offered for sale in the same manner, and under the same restrictions, as hereinbefore provided.