§ 47. Security fund.

(A)

The franchisee shall establish an irrevocable security fund by filing with the County or other appropriate filing office determined by the County an unconditional letter of credit in the amount of $50,000.00 or other instrument acceptable in form to the County issued by a Tennessee bank, which fund shall be maintained at the sole expense of the franchisee so long as any of the franchisee's telecommunications facilities are located within the property of the Shelby County.

(B)

The fund shall serve as security for the full and complete performance of this Ordinance, including any costs, expenses, damages or loss the County pays or incurs because of any failure attributable to the franchisee to comply with the codes, ordinances, rules, regulations or permits of the County.

(C)

Before any sums are withdrawn from the security fund, the County shall give written notice to the franchisee:

(1)

Describing the act, default or failure to be remedied, or the damages, cost or expenses which the County has incurred by reason of the franchisee's act or default.

(2)

Providing a reasonable opportunity for the franchisee to first remedy the existing or ongoing default or failure, if applicable.

(3)

Providing a reasonable opportunity for the franchisee to pay any monies due the County before the County withdraws the amount thereof from the security fund, if applicable.

(4)

That the franchisee will be given an opportunity to review the act, default or failure described in the notice with the County Attorney or his designee.

(D)

The franchisee shall replenish the security fund within 14 days after written notice from the County that there is a deficiency in the amount of the fund.