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economically available.For the purposes of this subsection"economically <br /> practicable,""reasonably"and"economically available"shall be <br /> determined by the insurance coverage affected by the Minnesota Joint <br /> Underwriters Association or the readily available private insurance <br /> market. <br /> 16.) Bonding. <br /> (01) The Licensee shall furnish a surety bond in favor of the City in the <br /> amount of Three Hundred Thousand Dollars($300,000)to run <br /> continuously(annual renewal allowed)until all landfill operations and <br /> closure activities are completed to ensure compliance with the terms and <br /> conditions of this License.Such bond shall be made by an insurance <br /> company or other financial institution acceptable to the City and shall be <br /> in a form acceptable to the City and its attorney.The bond shall be subject <br /> to cancellation by the obligor by giving one hundred twenty(120)days' <br /> prior written notice to the City.The Licensee shall renew each such bond <br /> no more than sixty(60)days after any such written notice,and failure to <br /> so renew the bond shall be an event of default of the obligations of the <br /> Licensee and shall constitute ground for immediate and automatic <br /> revocation of this License. Said bond shall provide that if the Licensee <br /> refuses to obey any of the requirements or to any of the acts required by <br /> this License or for any reason ceases to operate or abandons the landfill, <br /> and the City is required to expend monies or labor or material to restore, <br /> repair,or clean up the Landfill Site to the condition and requirements <br /> required by law,the obligor shall reimburse the City for any and all <br /> expenses incurred to remedy the failure of the Licensee to comply with <br /> this License,and the obligor shall indemnify and save the City harmless <br /> from all losses,costs,and charges that may occur to the City because of <br /> any default by the Licensee.The bond may be in a form exercisable by <br /> both the City and the County provided that such exercise feature allows its <br /> use on instruction by either or both the City and County. <br /> (02) In the event this,or any subsequent license is revoked or the <br /> Licensee closes operation of the landfill for any reason, including but <br /> without limitation, order of the court or other agency of competent <br /> jurisdiction,bankruptcy,insolvency,or abandonment,the Licensee shall <br /> immediately proceed to close,cover,and grade the Landfill Site according <br /> to an environmentally sound closure plan which shall be approved by the <br /> City and which shall comply with all requirements of the MPCA and <br /> Sherburne County relating to final closure.In the event the Licensee fails <br /> to comply with the terns of this subparagraph(02),the City may,upon <br /> ninety(90)days'prior notice to the Licensee,enter onto the property and <br /> perform all such obligations,the costs of which shall be borne by the <br /> Licensee,or,in default thereof,by its surety. <br /> 20 <br />