San Mateo Law Library
City of San Mateo Municipal Code.

15.16.070 BOND.

The grantee of any gas or electric franchise granted pursuant hereto shall be required to file a bond running to the City with at least two good and sufficient sureties to be approved by the Council, or with a satisfactory corporate surety, in a penal sum to be prescribed by the Council, and to be set forth in the resolution of intention to grant such franchise conditioned that such grantee shall well and truly observe, fulfill and perform each and 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 named therein shall be taken and deemed to be liquidated damages, and shall be recoverable from the principal and sureties upon such bond. Such bond shall be filed with the City Clerk within five days after the date of granting of such franchise; and in case such bond has not been so filed or has not received the approval of the Council, such franchise shall be forfeited and any money paid to the City in connection therewith shall be likewise forfeited.