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90-026
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90-026
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<br />25. Upon the effective date hereof the company may reduce the <br /> <br />. <br /> <br />Performance Bonds now in place to one (l) Performance Bond <br /> <br />in the amount of Fifty Thousand Dollars ($50,000) naming all <br /> <br />ten (10) Member cities as Secured Parties and eligible <br /> <br />drawers thereon. <br /> <br />The Performance Bond shall be replenish- <br /> <br />able so that each time anyone city draws thereon or makes a <br /> <br />claim against such Bond, the Company shall immediately <br /> <br />replenish the one Bond. <br /> <br />It is further agreed that at any <br /> <br />time, for the term of the Franchise Ordinance, or any <br /> <br />renewal thereof, the Commission or any Member City in its <br /> <br />sole discretion may require the amount of the one replenish- <br /> <br />able Performance Bond to be increased to an amount not to <br /> <br />exceed Two Hundred Fifty Thousand Dollars ($250,000). <br /> <br />26. <br /> <br />This Resolution was moved by councilmember <br /> <br />Hansen <br /> <br />and <br /> <br />. <br /> <br />seconded by councilmember <br /> <br />Growe <br /> <br />The following Councilmembers voted in the affirmative: <br /> <br />Hansen, Growe, Sather & Mahowald <br /> <br />The following Councilmembers voted in the negative: <br /> <br />Adopted this <br /> <br />9th. day of <br /> <br />July <br /> <br />, 1990. <br /> <br />Dated: <br /> <br />July 9, 1990 <br /> <br />CITY OJ Arden Hills <br /> <br /> <br />I&M 1tIt---- <br /> <br />Mayor <br /> <br />. <br /> <br />13 <br />
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