1983-008 Council Ordinances - Laserfiche WebLink

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• • • Ordinance No. 07-83 Page Six Group W shall maintain an irrevocable and unconditional Letter of Credit. The Letter of Credit shall provide that funds be paid to the City upon demand by the City pursuant:: to the procedures and minimum requirements of this section. This section further provides minimum amounts for penalties such as failure .to construct the system and failure to comply with terms and conditions of the franchise. Said penalties may be assessed against Group W by the City and collected directly from the Letter of Credit. The Letter of Credit must be maintained pursuant to the procedures and requirements of this section. SECTION 5. BONDS. Group W must maintain with the City a bond conditioned upon the faith- ful performance by Group W of the franchise, and further conditioned upon the terms and requirements of this section. ARTICLE IX. DEFAULT SECTION 1. NOTICE AND DEFAULT. City shall notify Group W in writing of violations of the franchise. Group W shall have thirty days to cure such default, or be subject to the procedures of this section leading to termination of the franchise. SECTION 2. GROSS DEFAULT. If Group W is in default of any of the franchises of the Cities of Blaine, Centerville, Circle Pines, Coon Rapids, Ham Lake, Lexington, Lino Lakes, or Spring Lake Park, Minnesota, any one of those Cities may declare Group W in default of all eight franchises. ARTICLE X. FORECLOSURE, RECEIVERSHIP AND ABANDONMENT SECTION 1. FORECLOSURE. Upon the foreclosure or judicial sale of the System, the provisions of the franchise governing consent to transfer or change in ownership shall apply. SECTION 2. REMOVAL AFTER TERMINATION OR REVOCATION. The City shall have the right to require Group W to remove, at Group W's expense, all or any portion of the System within City upon the revocation or termination of the franchise pursuant to the terms and procedures of this section. SECTION 3. WORK PERFORMED BY OTHERS. Group W must inform the City of the names and addresses of any entity other than Group W which shall perform services pursuant to the franchise. All provisions of the Franchise shall apply to any entity performing services pursuant to the Franchise.