All newspapers of record, as defined in Section 1008 of the Charter, shall post a bond of Two Thousand Dollars ($2,000.00) to indemnify the County, against any loss by reason of failure of a newspaper of record to advertise as ordered by the County, or by reason of making a material mistake in an advertisement ordered by the County. This compensation shall be for the purpose of paying the costs of proper readvertisement in all newspapers of record. All newspapers of record of the County, upon accepting designation as a newspaper of record, shall be obligated to print announcements, advertisements, etc., in a timely manner, as ordered by the County. The repeated failure to advertise in a timely manner shall be grounds for the County to cancel its designation as a newspaper of record. The County shall give four (4) weeks public notice and provide for a public hearing before canceling the newspaper's designation as a newspaper of record.