(a) The franchise term shall be for a period of fifteen (15) years.
(b) Except for those operating cable systems to which section 306 of this chapter applies, the franchise shall be granted only after a performance bond is furnished to the Government of the Virgin Islands, through the Commission, equivalent to 25% of the projected investment, and guaranteeing the implementation of the franchise. At least one-half of the proposed cable television system will be constructed within two years, subject to the availability of poles for attachment and the cooperation of the public utilities which are involved in said construction. The conditions and terms of said bond shall be in accordance with section 310 of this chapter.
(c) The franchise shall include a provision for two (2) channels on a daily basis through the cable television system's facilities to be made available upon request of the Government of the Virgin Islands through the Commission. The availability and administration of this government access channel shall be the responsibility of the Commission. However, the availability and administration of all cable system production facilities including equipment and personnel will remain under the exclusive control of the cable system and all reasonable production costs will be assumed by the Government of the Virgin Islands in accordance with a schedule of charges to be provided by the cable system and approved by the Commission.
(d) [Deleted.]
(e) The franchise shall require a well-structured local employment plan, as well as an apprenticeship and training program, which will provide employment and management opportunity to Virgin Islands residents.
(f) Franchises shall be awarded for an area no larger than a district. The districts shall be as follows:
(1) St. Croix; and
(2) St. Thomas-St. John. However, other islands and cays adjacent to such districts may be included with those districts for the purposes of the franchise. The grant of an initial franchise or any renewal thereof by the Commission shall not become final until approved by the Legislature, except for those initial franchises issued pursuant to section 306 of this chapter.
(g) The franchise shall require the establishment of a 24-hour telephone service for receipt of service calls.
(h) The franchise shall require the purchase of an insurance policy, the face value of which must be at least equal to the replacement value of the cable television system. The purpose of this requirement is to ensure prompt restoration of service in the event of any catastrophe affecting the cable television system.
(i) The franchise shall require the establishment and maintenance of a standby power capability for operation of the cable television system.