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<br />use of the franchise. Said sum shall be paid at the time and <br /> <br />in the manner set forth in Article V of Chapter 11 of the Code <br /> <br />of the city of Redwood City. <br /> <br />" <br />SECTION 5. INSTALLATION. (a) The grantee shall immediately <br /> <br />upon the operative date of this ordinance proceed to comply with <br /> <br />a~l _requirements 'of Section 11. 76 of JI.rticle V of Chapter 11 of <br /> <br />the Code of the City of Redwood City relating to the time for <br /> <br />installation of a Community Antenna Television system. Grantee <br /> <br />shall complete installation of a CATV system throughout Redwood <br /> <br />Ci ty so as to make cable tele';ision service available to all <br /> <br />developed parcels within two years of the operative date of this <br /> <br />ordinance. <br /> <br />(b) Concurrently with, or prior to, the acceptance of this <br /> <br />franchise the grantee shall furnish to the City of Redwood City <br /> <br />a faithful performance bond in the amount of TvlO Hundred Thousand <br /> <br />Dollars ($200,000.00) conditioned upon and to secure the comple- <br /> <br />tion of all installations and the availability of service to all <br />developed parcels within the two year period herein specified. <br /> <br />.-' <br /> <br />Such bond shall be by a corporate surety satisfactory to the <br /> <br />City of Redwood City and shall be in addition to any and all <br /> <br />other bonding requirements imposed upon grantee. <br /> <br />It is hereby determined that the failure of the grantee to <br /> <br />complete all installations and provide service within the two <br /> <br />year period will result in damage to the City of Red\vood City <br /> <br />and its inhabitants. It is further determined that the actual <br /> <br />damage which the City will sustain in the event of such failure <br /> <br />will be impractical and extremely difficult to ascertain but <br /> <br />will include all of City's costs and expenses in connection <br /> <br />with the award of this franchise, the administr,~.tion of this <br /> <br />franchise, the loss of revenue to the City undeL Section 4 hereof <br /> <br />and other items of damage to the City as well as general damage <br /> <br />- 2 - <br /> <br />'," --. <br />