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SECTION 703 PURPOSE OF PERFORMANCE BOND <br />• <br />The Performance Bond shall serve as security for: <br />(a) <br />the faithful performance by the Company of all terms, conditions and <br />obligations of this Ordinance; <br />(b) <br />any expenditure, damage or loss incurred by the City occasioned by the <br />Company's failure to comply with all rules, regulations, orders, permits <br />and other directives of the City issued pursuant to this Ordinance; <br />(c) <br />payment of compensation required by this Ordinance; <br />(d) <br />the payment of premiums for the liability insurance required pursuant to <br />this Ordinance ; <br />(e) <br />the removal of Facilities owned by the Company from the Streets at the <br />termination of the Ordinance, at the election of the City, pursuant to this <br />Ordinance; <br />(f) <br />any loss or damage to the Streets or any property of the City during the <br />installation, operation, upgrade, repair or removal of Facilities by the <br />Company; <br />(g) <br />the payment of any other amounts that become due to the City pursuant to <br />• <br />this Ordinance or law; <br />(h) <br />the timely renewal of any letter of credit that constitutes the Performance <br />Bond; and <br />(i) <br />any other costs, loss or damage incurred by the City as a result of the <br />Company's failure to perform its obligations pursuant to this Ordinance. <br />SECTION 704 FEES OR PENALTIES FOR VIOLATIONS OF THE <br />ORDINANCE <br />704.1 FEE OR PENALTY: The Company shall be subject to a fee or a penalty for violation of <br />this Ordinance as provided for in applicable law. <br />704.2 APPEAL: The Company may, upon written request within thirty (30) days of the City's <br />decision to assess a fee or penalty and for reasons of good cause, ask the City to <br />reconsider its imposition of a fee or penalty pursuant to this Ordinance unless another <br />period is provided for in applicable law. The City shall schedule its review of such <br />request to be held within forty-five (45) days of receipt of such request from the <br />Company. The City's decision on the Company's appeal shall be in writing and <br />supported by written findings establishing the reasonableness of the City's decision. <br />During the pendency of the appeal before the City or any subsequent appeal thereafter, <br />is <br />the Company shall place any such fee or penalty in an interest-bearing escrow account. <br />Page 12 <br />