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<br />. <br /> <br />This change in the annual Franchise Fee shall be effective <br />as of September 1, 1989. No payment will be allowed of any <br />Franchise Fee that is different from five percent (5%), <br />other than the filing fee and payment required of the <br />successful applicant as established by City to recover the <br />cost of franchising and any other additional payments which <br />are required by the terms of this Franchise. <br />(2) Payment will be made to City or its designee with <br />an itemization of the Gross Revenues. <br />4. ARTICLE VII, Section 4 is amended as follows: <br />A. A~ ~he ~ime o~ aeeep~anee o~ ~hi~ Pranehi~e, <br />Grantee shall deliver to eiey Commission an irrevocable and <br />unconditional Letter of Credit, in form and substance <br />acceptable to the ei~y Commission from a National or State <br />bank approved by eiey Commission, in the amount of Ten <br />Thousand Dollars ($lO,OOO.OO)~, naming City as one of the <br />drawers thereon. <br />B. The Letter of Credit shall provide that funds will <br />be paid to City or Commission upon written demand of City or <br />Commission and in an amount solely determined by City or <br />Commission in payment for penalties charged pursuant to this <br />section, in payment for any monies owed by Grantee pursuant <br />to its obligations under this Franchise, or in payment for <br />any. damage incurred as a result of any acts or omissions by <br />Grantee pursuant to this Franchise. <br /> <br />. <br /> <br />. <br />