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7 <br />C. The licensee shall maintain throughout the terms of <br />its license a faithful performance bond in the form prescribed by <br />the County, with a surety rated at not less than A+4B and accept- <br />able to the County. The performance bond shall be in favor of the <br />County in the penal sum of $25,000 upon the condition that the <br />licensee shall truly observe, fulfill and perform each term and <br />condition of this Ordinance and his license and that, in the case <br />of any breach of condition of the bond, the amount thereof shall be <br />recoverable from the principal and surety thereof by the County for <br />all damages resulting from the failure of the licensee to well and <br />faithfully observe and perform any provisions of this Ordinance of <br />the license issued hereunder, including failure to pay gross <br />receipts percentage to the County. The bond shall not be cancelled <br />without one hundred twenty (120) days prior notice to the County. <br />Alternate forms and/or amounts of surety such as a letter of credit <br />or escrow account may be considered by the Board of County <br />Commissioners. <br />D. All insurance policies required by this Ordinance <br />shall be issued in companies authorized to do business under the <br />laws of the State of Florida and acceptable to the County <br />Commission. The licensee shall furnish certificates of insurance <br />to the County prior to commencing any operation under the license <br />aareement; such certification shall clearly indicate expiration <br />dates and policy numbers and that the licensee has paid the <br />required premiums and obtained insurance in the types, amounts and <br />classifications in strict compliance with this section. No <br />material change or cancellation of insurance shall be permitted <br />without thirty (30) days prior notice to the County. <br />SECTION 11. PAYMENTS TO COUNTY: USE THEREOF <br />The licensee shall pay to the County three (3%) percent <br />of gross revenue, as defined in this Ordinance, per fiscal period <br />as a License Fee for its CATV system. The payments shall be made <br />within ninety (90) days of the close of the licensee's fiscal <br />period and shall be submitted together with the audit report <br />required by Section 13 of this Ordinance. <br />-12- <br />