A. The grantee shall, concurrently with the filing of and acceptance of award of any franchise granted under this chapter, file with the city manager and at all times thereafter maintain in full force and effect for the term of such franchise, at grantee’s sole expense, faithful performance security from a company approved by and in a form to be approved by the city attorney in an amount approved by the city, renewable annually, and conditioned upon the faithful performance of grantee and upon the further condition that in the event grantee shall fail to comply with any one or more of the provisions of this chapter, or of any franchise issued to the grantee under this chapter, there shall be recoverable any damages or loss suffered by the city as a result thereof, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of the grantee as prescribed by this chapter which may be in default, plus a reasonable allowance for attorney’s fees and costs, up to the full amount of the security, such condition to be a continuing obligation for the duration of such franchise and thereafter until the grantee has liquidated all of its obligations with the city that may have arisen from the acceptance of such franchise by the grantee or from its exercise of any privilege therein granted. If a bond is provided, the bond shall provide that thirty days’ prior written notices of intention not to renew, cancellation or material change be given to the city.

B. Neither the provisions of this section, any security accepted by the city pursuant thereto, nor any damages recovered by the city thereunder shall be construed to excuse faithful performance by the grantee or limit the liability of the grantee to the full amount of the security for damages.