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415532 <br /> • section 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 Permittee 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 Conditional Use Permit. Such bond shall be made by an <br /> insurance company or other financial institution acceptable to the City <br /> and shall be in a form acceptable to the City and its attorney. The bond <br /> shall be subject to cancellation by the obligor by giving one hundred <br /> twenty (120) days' prior written notice to the City. The Permittee shall <br /> renew each such bond no more than sixty (60) days after any such written <br /> notice, and failure to so renew the bond shall be an event of default of the <br /> obligations of the Permittee and shall constitute ground for immediate and <br /> automatic revocation of this Permit. Said bond shall provide that if the <br /> 1111 Permittee refuses to obey any of these requirements or to any of the acts <br /> required by this Conditional Use Permit or for any reason ceases to <br /> operate or abandons the landfill, and the City is required to expend <br /> monies or labor or material to restore the Landfill Site to the condition and <br /> requirements required by this Conditional Use Permit, the obligor shall <br /> reimburse the City for any and all expenses incurred to remedy the failure <br /> of the Permittee to comply with this Permit, and the obligor shall <br /> indemnify and save the City harmless from all losses, costs, and charges <br /> that may occur to the City because of any default by the Permittee. The <br /> bond may be in a form exercisable by both the City and the County <br /> provided that such exercise feature allows its use on instruction by either <br /> or both the City or County. <br /> (02) In the event this, or any subsequent permit is revoked or the <br /> Permittee 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 Permittee 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 Permittee fails <br /> to comply with the terms of this subparagraph (02), the City may, upon <br /> ninety (90) days' prior notice to the Permittee, enter into the property and <br />