15.2-2104 - Bond of person awarded franchise, etc. - Virginia Statutes

§ 15.2-2104. Bond of person awarded franchise, etc.

The person to whom a franchise, right, lease or privilege is awarded, whetherby competing bids or otherwise, shall first execute a bond, with good andsufficient security, in favor of the city or town. The bond shall be in suchsum as the city or town shall determine, conditioned upon the construction,operation and maintenance of the plant or plants provided for in the grantedfranchise, right, lease or privilege.

(Code 1950, § 15-732; 1962, c. 623, § 15.1-312; 1997, c. 587.)