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

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I I I I I I I I I I Menorandtun Septen~ber 15, 1983 Pa~e Seven (1) (2) l~1~enever a penalty has been assessed, Grantee rnay, within thirty days of lo,al receipt of notice, notify City that there is a dispute as to vvhether a violation or failure has, in faet, oeeured. Such notice by Grantee to City shall speeify with particularity the matters disputed by Grantee. City shall hear Grantee's dispute at the next regularly scheduled Council ne,ting. City shall supplement the Council decision with written findings of faet. UPOn determination bv City that no violation has taken pla,e, City shall refund to Grantee without interest all monies drawn frcrn the Letter of Credit by reason of the alleged violation. If said Letter of Credit or any subsequent Letter of Credit deli- vered oursuant hereto expires prior to 15months after the expira- tion of the term of this Franchise, it shall be renewed or replaced during the term of this Franchise to provide that it will not exuire earlier than 15 months after the expiration of this Franchise. The renewed or replaced Letter of Credit shall be on the same form and with a bank authorized herein and for the full ~unt stated in paragraph A of this section· Failure to renew or reulace the Letter of Credit shall be grounds for termination of this Franchise. If City draws upon the Letter of Credit or any subs4quent Letter of Credit delivered pursuant hereto, in whole or in part, Grantee shall replace the same within fifteen days and shall deliver to City a like replaeenent Letter of Credit for the full ~rnount stated in paragraph A of this section as a substitution of the previous Letter of Credit. If any Letter of Credit is not so replaced, City may draw on said Letter of Credit for thew hole anount thereof and hold the pro- eeeds, without interest, and use the proceeds to pay costs incurred by City in performing and payin~ for any or all of the obligations, duties and responsibilities of Grantee under this Franchise that are not performed or paid for by Grantee pursuant hereto, including attprneys' fees incurred by the City in so performing and paying. The failure to replace any Letter of Credit rnay also, at the option of the City, be dee'ned a default by Grantee under this Franchise. The drawinE on the Letter of Credit by City, and use of the rroney so obtained for pa.vrnent or performance of the obligations, duties and responsibilities of Grantee which are in default, shall not be a veiver or release of such default. The collection by City of any damages, monies or penalties from the Letter of Credit shall not affect any other right or re~nedy available to City, nor shall any act, or failure to act, by City pursuant to the letter of Credit, be de,ned a vativer of any right of City pursuant to this Franchise or otherwise.