Agenda - Council - 09/27/1983 - Laserfiche WebLink

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! ,I I I I I I I I I I I I I I I I i I Memorandum September 15, 1983 Page Five Within 90 days after obtaining all necessary permits, licenses, certificates, and authorizations, Grantee shall give written notice thereof to City and ecITmence construction and installation of syst~. Article I. Section 2. Definitions "Svstem"means a system of antennas, cables, wires, lines, towers, wave guides or other conductors, converters, equil~nent or facili- ties, designed and constructed for the purpose of producing, receiving, transmitting, amplifying and distributing, audio, video and other forms of electronic or eleetrieaI signals located in the City .... AR~ICI~ VIII. Ind~,{iification~ Insuranee~ Letter of Credit and Bond Section 1. General · be exercise or failure to exercise by City of any rights pursuant to any section of this Franchise shall not effect in anyway the right of City to subsequently exercise any such rights or any other right of City under this Franchise or any other ordinance, rule, regulation or law. Section 4. Letter of Credit At the tiwe of acceptance of this Franchise, Grantee shall deliver to City an irrevocable and unconditional Letter of Credit, in form and substance acceptable to City, froua National or State bank approved by City, in the a~ount of $10,000. "Vhe Letter of Credit shall provide that funds will be paid to City, upon written demand of City, and in an emount solely determined by City in oa~vrnent for penalties charged pursuant to this section, in oa~nent for any ~ronies owed by Grantee pursuant to its obligations under this Franchise, or in payn~nt for any damage incurred as a result of any acts or ouissions by Grantee pursuant to this Franchise. In addition to recovery of any rronies owed by Grantee to City or damages to City as a result of any acts or onissions by Grantee pursuant to the Franchise, City in its sole diseretion r~y charge to and collect fr~n the Letter of Credit the following penalties: (l) For failure to ecmolete System construction in aeeordanee with Grantee's initial service area plan, unless City approved the delay, the penalty shall be Five Hundred Dollars ($500.00) per day for each day, or part thereof, such failure occurs or continues.