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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 />exceed Two Hundred Fifty Thousand Dollars ($250,000). <br />26. This Resolution was moved by Councilmember and <br />seconded by Councilmember <br />The following Councilmembers voted in the affirmative: <br />The following Councilmembers voted in the negative: <br />Adopted this day of , 1990. <br />Dated: <br />CITY OF <br />Mayor <br />13 <br />Page 20 <br />