The Ordinance requires the franchisee to meet a number of financial obligations. First, the Ordinance requires the franchisee to post construction performance and payment bonds in the amounts of $1,000,000 and $500,000 respectively, and at the discretion of the City Manager, a franchise performance bond in an amount up to $100,000. Ord. § 6.16. Second, the Ordinance requires the franchisee to reimburse the Cities for a pro-rata share of the $350,000 that the Cities incurred in consulting fees during the RFP process,
id. § 10.2.02, and to reimburse the Cities for any costs they incur in renewal or amendment of the franchise.
Id. § 10.2.04. Third, the Ordinance requires the franchisee to provide a “security fund” in a total initial amount of $1,000,000.
Id. § 17.2. Finally, the franchisee is obligated to pay the Cities an annual franchise fee of five percent of its annual gross revenue.
Id. § 10.1.01.