§ 17. Bond.

The cable operator shall maintain throughout the term of the franchise a performance bond in favor of franchising authority, written by an approved corporate surety in the penal sum of $25,000.00 conditioned that [the] cable operator shall well and truly observe, fulfill, and perform each term and condition of the franchise and that in the case of any breach of condition of the bond, the amount thereof shall be recoverable from the principal and the sureties thereof for all damages resulting for the failure of the cable operator to well and faithfully observe and perform any provision of the franchise. The cable operator shall pay all premiums chargeable for the bond and shall keep the same in force and effect all times throughout the term of this franchise. The bond shall be in a form satisfactory to the franchising authority, and a duplicate of it, along with written evidence of payment of the required premiums, shall be filed with the county during the term of the franchise.