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(02) Automobile and truck public liability, personal injury, and property <br /> damage, including owned and non-owned vehicles with a Five Hundred <br /> Thousand Dollars ($500,000) One Million Dollars ($1,000,000) <br /> minimum limit. <br /> (03) The City may require additional insurance be provided by Licensee <br /> if market conditions change such that additional coverages become <br /> economically practicable. The insurance limits required by this section <br /> shall be reduced if these insurance limits are not reasonably and <br /> economically available. For the purposes of this subsection"economically <br /> practicable," "reasonably"and "economically available" shall be <br /> determined by the insurance coverages affected by the Minnesota Joint <br /> Underwriters Association or the readily available private insurance <br /> market. <br /> 12.) Bonding. <br /> (01) The Licensee shall furnish a surety bond in favor of the City in <br /> the 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 or 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 /> 18 <br />