Every grantee of a switch track privilege shall furnish a good and solvent surety
bond, in solido, in favor of the city satisfactory to the director of the department
of public works in a sum equal to the aggregate of the annual payments during the
term of the privilege, but in no event to be less than $500.00 or to exceed the sum
of $3,000.00 and whenever the grantee shares the privilege with other parties a good
solvent surety bond, in solido, must be furnished by the grantees including all the
principals in the privilege granted and such bond shall guarantee the faithful performance
of all the obligations of the grantees of such privilege set forth in the ordinance
granting the privilege and especially those obligations defined by the provisions
of this division.
