Before entering into a contract or franchise under the provisions of this chapter, the Council shall require the contractor or grantee as a condition to the contract or franchise to post with the City Clerk a cash bond or surety bond in an amount determined by the Council and furnished by a corporate surety authorized to do business in the state, payable to the City. The bond shall be conditioned upon the full and faithful performance by the collector of his obligations under the applicable provisions of this chapter and shall be kept in full force and effect by the collector throughout the life of the permit and all renewals thereof. (Ord. 2740 § 1, 1998).