02-26-2024 CC Agenda Packet - Laserfiche WebLink

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(4) Upon reasonable notice and during Normal Business Hours, Grantee shall permit examination by any duly authorized representative of the City of all Franchise property and facilities, together with any appurtenant property and facilities of Grantee situated within or without the City, and those records relating to this Franchise, that enable the City to carry out its regulatory responsibilities under Applicable Laws and this Franchise. Grantee shall have the right to be present at any such examination. (5) Reports. All reports required under this Franchise shall be furnished at the sole expense of Grantee. (a) During the first three (3) years following the Effective Date of this Franchise, Grantee shall provide City with a quarterly report evidencing the progress of System construction and extension as set forth in Section 3 (4) of this Franchise. (b) Grantee shall provide City with an annual statement, within ninety (90) days of the close of each calendar year end, certified by Grantee 's controller or chief financial officer, reflecting the total amounts of Gross Revenues and all payments and computations of the Franchise Fee and the PEG Fee for the previous calendar year. (6) Duty to Cooperate. Each of Grantee and City shall use its commercially reasonable efforts to communicate and promptly and in good faith resolve any issues that may arise pursuant to this Franchise. 171276v2 SECTIONS GENERAL FINANCIAL AND INSURANCE PROVISIONS ( 1) Security Fund. (a) At the time of acceptance of this Franchise, Grantee shall provide, from a financial institution mutually acceptable to the Parties, and in a form and substance mutually acceptable to the Parties, an irrevocable and unconditional Letter of Credit in the sum of Ten Thousand and Noll 00 Dollars ($10,000.00) for the benefit of the City to ensure compliance by Grantee with all terms of the Franchise ("Security Fund"). Grantee shall maintain this Security Fund throughout the term of this Franchise and pursuant to Section 9(3)(b), and until such time as Grantee has liquidated all of its obligations with City. (b) The Security Fund shall provide that funds will be paid to City, upon written demand of City, and after the procedures of this section have been complied with in payment for liquidated damages charged pursuant to this section, in payment for any monies owed by Grantee pursuant to its obligations under this Franchise, or in payment for any damage incurred as a result of any acts or omissions by Grantee pursuant to this Franchise. ( c) In addition to recovery of any monies owed by Grantee to City or damages to City as a result of any acts or omissions by Grantee pursuant to the Franchise, City in its sole discretion may charge to and collect from the Security Fund the following mutually agreed upon liquidated damages: 17 95