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<br />\ . <br />~, . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />25. Upon the effective date hereof the Company may reduce the <br /> <br />Performance Bonds now in place to one (1) Performance Bond <br /> <br />in the amount of Fifty Thousand Dollars ($50,000) naming all <br /> <br />ten (10) Member cities as Secured Parties and eligible <br /> <br />drawers thereon. <br /> <br />The Performance Bond shall be rep1enish- <br /> <br />able so that each time anyone City draws thereon or makes a <br /> <br />claim against such Bond, the Company shall immediately <br /> <br />replenish the one Bond. <br /> <br />It is further agreed that at any <br /> <br />time, for the term of the Franchise Ordinance, or any <br /> <br />renewal thereof, .the Commission or any Member city in its <br /> <br />sole discretion may require the amount of the one rep1enish- <br /> <br />able Performance Bond to be increased to an amount not to <br /> <br />exceed Two Hundred Fifty Thousand Dollars ($250,000). <br /> <br />26. <br /> <br />This Resolution was moved <br /> <br />uJuoei <br /> <br />and <br /> <br />by Councilmember <br /> <br />QI!la.-k <br />\ <br /> <br />seconded by Counci1member <br /> <br />The following Councilmembers voted in the affirmative: <br /> <br />- uJ~t (~.AM.t1u ( M~ <br />~~~ <br /> <br /> <br />The following Counci1members voted in the negative: <br /> <br />o <br /> <br />Adopted this ~ day of <br /> <br /> <br />, 1990. <br />CITY O~MM1A1 Il.p~ <br /> <br />Dated: <br /> <br />II~ <br /> <br />~~>>~ <br /> <br />Mayor <br /> <br />IQqo <br /> <br />13 <br />