Within ninety (90) days of the effective date of a franchise or at a time specified in a franchise, a grantee shall establish in the City’s favor a performance bond in an amount not less than ten (10%) percent of the estimated cost of constructing, upgrading, or rebuilding the cable system required by the franchise agreement or one hundred fifty thousand ($150,000.00) dollars whichever is greater. (Ord. #80-97, S19)