Any company receiving a franchise from the city shall agree to save the city harmless from all loss sustained by the city on account of any suit, judgment, execution, claim or demand whatsoever, resulting from negligence on the part of the company, in the construction, operation or maintenance of its electric system in the city. The city shall notify a franchised company within ten (10) days after the presentation of any claim or demand, either by suit or otherwise, made against the city on account of any negligence as aforesaid on the part of a franchised company. (Ord. 1-2-1986)