2002-011 Council Ordinances (2) - Laserfiche WebLink

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reserved by this Franchise or authorized by law, and no action, proceeding or exercise of a right with respect to the performance bond shall affect any other right the City and the Commission may have. 9.2. Letter of Credit. 9.2.1 On the Effective Date of this Franchise, the Grantee shall deliver to the Commission an irrevocable and unconditional Letter of Credit, in a form and substance acceptable to the City, from a National or State bank approved by the Commission, in the amount of $25,000.00. 9.2.2 The Letter of Credit shall provide that funds will be paid to the City upon written demand of the City, and in an amount solely determined by the City in payment for penalties charged pursuant to this Section, in payment for any monies deemed by the City to be owed by the Grantee to the City and/or the Commission, as applicable, after notice and opportunity to pay any such monies, pursuant to its obligations under this Franchise, or in payment for any damage incurred by the City or the Commission as a result of any acts or omissions by the Grantee pursuant to this Franchise. 9.2.3 In addition to recovery of any monies owed by the Grantee to the City, or the Commission or damages to the City, the Commission or any Person as a result of any acts or omissions by the Grantee pursuant to the Franchise, the City and/or the Commission in its sole discretion may charge to and collect from the Letter of Credit the following penalties: 9.2.3.1 For failure to timely complete the System Upgrade, the I -Net Upgrade and the DFOI as provided in this Franchise, unless the City or the Commission approves the delay, the penalty shall be $500.00 per day for each day, or part thereof, such failure occurs or continues. 9.2.3.2 For failure to provide data, documents, reports or information or to cooperate with City or the Commission during an application process or system review or as otherwise provided herein, the penalty shall be $250.00 per day for each day, or part thereof, such failure occurs or continues. 9.2.3.3 Fifteen (15) days following notice from the City or the Commission of a failure of Grantee to comply with construction, operation or maintenance standards, the penalty shall be $250.00 per day for each day, or part thereof, such failure occurs or continues. 9.2.3.4 For failure to provide the services and the payments required by this Franchise, including, but not limited to, the implementation and the 53