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PFP <br /> E . All insurance policies maintained pursuant to this Franchise <br /> shall contain the following endorsement : <br /> It is hereby understood and agreed that this insurance <br /> policy may not be cancelled nor may a refusal to renew <br /> become effective until sixty ( 60 ) days after receipt by <br /> City by registered mail , of written notice of such <br /> intention to cancel or not to renew. <br /> SECTION 4 . LETTER OF CREDIT <br /> A. At the time of acceptance of this Franchise, Grantee shall <br /> deliver to City an irrevocable and unconditional Letter of <br /> Credit, in a form and substance acceptable to City, from a <br /> National or State Bank approved by City in the amount of <br /> Twenty-Five Thousand and No/l00 Dollars ( $25 , 000 . 00 ) . Upon <br /> completion of construction of the System in the initial <br /> service area, Grantee shall provide written notice to City. <br /> Within thirty ( 30) days of receipt of notice of completion of <br /> construction, City shall give written notice to Grantee <br /> indicating whether City agrees the construction is complete <br /> or specifying those items of construction which City deter- <br /> mines are not complete. At such time as City and Grantee <br /> mutually agree that construction of the System in the initial <br /> service area is complete, Grantee shall provide to City a <br /> replacement Letter of Credit in the amount of Five Thousand <br /> and No/l00 Dollars ( $5 , 000 . 00 ) . If at any time Grantee <br /> undertakes construction of the System in City, by way of a <br /> line extension or otherwise, with a projected cost in excess <br /> 43 <br />