At the time of registration, the registrant shall file with the town, for town approval,
a cash security, a bond, or irrevocable letter of credit, in the sum of $25,000.00,
in a form acceptable to the town manager or a designee. For purposes of the bond and
irrevocable letter of credit, the registrant must have as a surety a company qualified
to do business in the State of Florida. The cash security, bond, or irrevocable letter
of credit, shall be to secure the full and faithful performance by the registrant
of all requirements, duties and obligations imposed upon registrant by the provisions
of this ordinance, and to pay any taxes, fee, or liens owed to the town. The bond
or irrevocable letter of credit shall be furnished annually, or as frequently as necessary,
and shall provide a continuing guarantee of the registrant's full and faithful performance
at all times. Should the town draw upon the cash security, bond, or irrevocable letter
of credit, the town shall promptly notify the registrant, and the registrant shall
promptly restore the cash security, annual bond, or irrevocable letter of credit,
to full required amount. In the event a registrant fails to perform its duties and
obligations imposed upon the registrant by the provisions of this ordinance, subject
to section 15 below, there shall be recoverable, jointly and severally from the principal and surety
of the bond, any damages or loss suffered by the town as a result, including the full
amount of any compensation or indemnification, plus a reasonable allowance for attorneys'
fees, up to the full amount of the fund. The cash security, bond or letter of credit
may be waived by the town where the town determines that the security fund is not
necessary to secure the required performance under this appendix. The town may from
time to time increase the amount of the security fund to reflect the increased risks
to the town and to the public.
