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<br />the State of Minnesota. This Agreement shall be subject to termination by the City at any time if <br />the performance bond shall be cancelled for whatever reason. <br /> <br />Updated Language in Proposed First Amendment <br />Performance Bond. The Company shall provide a performance bond in the case of the <br />Company's failure to perform contracted services. The performance bond shall be for a minimum <br />of 25% of the Company’s anticipated annual revenue, with the amount modified on an annual <br />basis. (For example, in 2025, anticipated annual revenue for all accounts should total $245,768 <br />with an annual performance bond of $61,442.00.) The responsibility for renewal is the <br />responsibility of the Company. The performance bond shall be executed by a corporate surety <br />company authorized to do business in the State of Minnesota. This Agreement shall be subject to <br />termination by the City at any time if the performance bond shall be cancelled for whatever <br />reason. <br /> <br />Staff has reviewed the language and First Amendment with both Republic Services and Attorney <br />Amanda Johnson. Both parties have found the language to be acceptable. <br /> <br />RECOMMENDATION ACTION: <br />• Staff recommends approval of the First Amendment to the Municipal Materials <br />Management Agreement between the City of Little Canada and Allied Waste Services of <br />North America, LLC dba Republic Services of the Twin Cities for refuse services (trash, <br />bulky, and yard waste.) <br /> <br />ATTACHMENTS: <br />• First Amendment to the Municipal Materials Management Agreement between the City <br />of Little Canada and Allied Waste Services of North America, LLC dba Republic <br />Services of the Twin Cities for refuse services (trash, bulky, and yard waste.) <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />