7.4. SR 01-16-1996 - Laserfiche WebLink

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(03) The City may require additional insurance be provided by the Permittee if market conditions change such that additional coverage become economically practicable. The insurance limits required by this section shall be reduced if these insurance limits are not reasonably and economically available. For the purposes of this subsection "economically practicable" and reasonably and "economically available" shall be determined by the insurance coverages affected by the Minnesota Joint Underwriters Association or the readily available private insurance market. 11.) Bonding. (01) The Permittee shall furnish a surety bond in the amount of Three Hundred Thousand Dollars ($300,000) to run continuously (annual renewal allowed) until all landfill operations and closure activities are completed to ensure compliance with the terms and conditions of this Conditional Use Permit. Such bond shall be made by an insurance company or other financial institution acceptable to the City and shall be in a form acceptable to the City and its attorney. The bond shall be subject to cancellation by the obligor by giving one hundred twenty (120) days' prior written notice to the City. The Permittee shall renew each such bond no more than sixty (60) days after any such written notice, and failure to so renew the bond shall be an event of default of the obligations of the Permittee and shall constitute ground for immediate and automatic revocation of this Permit. Said bond shall provide that if the Permittee refuses to obey any of these requirements or to any of the acts required by this Conditional Use Permit or for any reason ceases to operate or abandons the landfill, and the City is required to expend monies or labor or material to restore the Landfill Site to the condition and requirements required by this Conditional Use Permit, the obligor shall reimburse the City for any and all expenses incurred to remedy the failure of the Permittee to comply with this Permit, and the obligor shall indemnify and save the City harmless from all losses, costs, and charges that may occur to the City because of any default by the Permittee. The bond may be in a form exercisable by both the City and the County provided that such exercise feature allows its use on instruction by either or both the City or County. (02) In the event this, or any subsequent permit is revoked or the Permittee closes operation of the landfill for any reason, including but without limitation, order of the court or other agency of competent jurisdiction, bankruptcy, insolvency, or abandonment, the Permittee shall immediately proceed to close, cover, and grade the Landfill Site according to an environmentally sound closure plan which shall be approved by the City and which shall comply with all requirements of the PCA and Sherburne County relating to final closure. In the event the Permittee fails to comply with the terms of this subparagraph (b), the City may, upon ninety (90) days' prior notice to the Permittee, enter into the property and perform all such obligations, the costs of which shall be borne by the Permittee, or, in default thereof, by its surety. (03) In lieu of the bond required in this section, the Permittee shall fund an interest bearing escrow account at the City. Permittee shall deposit an initial sum of rxu Ioo~62 11.