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90-003 ORD
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90-003 ORD
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Last modified
12/3/2007 2:37:40 PM
Creation date
8/15/2005 3:13:52 PM
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City Government
type
ORD
date
2/26/1990
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<br />. <br /> <br />(2) Upon determination by City or Commission that <br />no violation has taken place, City or Commission shall <br />refund to Grantee without interest all monies drawn from <br />the Letter of Credit by reason of the alleged violation. <br />F. If said Letter of Credit or any subsequent Letter <br />of Credit delivered pursuant hereto expires prior to 15 <br />months after the expiration of the term of this Franchise, <br />it shall be renewed or replaced during the term of this <br />Franchise to provide that it will not expire earlier than 15 <br />months after the expiration of this Franchise. The renewed <br />or replaced Letter of Credit shall be on the same form and <br />with a bank authorized herein and for the full amount stated <br />in paragraph A of this section. Failure to renew or replace <br />the Letter of Credit shall be grounds for termination of <br />this Franchise. <br />G. If City or Commission draws upon the Letter of <br />Credit or any subsequent Letter of Credit delivered pursuant <br />hereto, in whole or in part, Grantee shall replace the same <br />within fifteen days and shall deliver to City or Commission <br />a like replacement Letter of Credit for the full amount <br />stated in paragraph A of this section as a substitution of <br />the previous Letter of Credit. <br />H. If any Letter of Credit is not so replaced, City 2! <br />Commission may draw on said Letter of Credit for the whole <br />amount thereof and hold the proceeds, without interest, and <br />use the proceeds to pay costs incurred by City or Commission <br /> <br />. <br /> <br />. <br /> <br />- 6 - <br />
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