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25. Upon the effective date hereof the Company may reduce the <br />. Performance Bonds now in place to one (1) Performance Bond <br />in the amount of Fifty Thousand Dollars ($50,000) naming all <br />ten (10) Member Cities as Secured Parties and eligible <br />drawers thereon. The Performance Bond shall be replenish- <br />able so that each time any one City draws thereon or makes a <br />claim against such Bond, the Company shall immediately <br />replenish the one Bond. It is further agreed that at any <br />time, for the term of the Franchise Ordinance, or any <br />renewal thereof, the Commission or any Member City in its <br />sole discretion may require the amount of the one replenish- <br />able Performance Bond to be increased to an amount not to <br />• <br />exceed Two Hundred Fifty Thousand Dollars ($250,000). <br />26. This Resolution was moved by Councilmember Wallin <br />seconded by Councilmember Gehrz <br />The following Councilmembers voted in the affirmative: <br />Baldwin, Gehrz, Wallin <br />and <br />The following Councilmembers voted in the negative: <br />NONE Ciernia and Jacobs were absent <br />Adopted this 27th day of June , 1990. <br />CITY OF Falcon Heights <br />Dated: June 27, 1990 ~ ~ ,~ <br />Mayor <br />• 13 <br />