Ord. #74, Second Series - Cable Television Franchise Ordinance (Qwest-Century Link)

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or liability, commences the corrective action within the thirty(30)-day cure period and thereafter uses reasonable diligence to correct the violation or liability. 9.1.3 In the event this Franchise is revoked by reason of default of Grantee, City shall be entitled to collect from the performance bond that amount which is attributable to any damages sustained by City as a result of said default or revocation. 9.1.4 Grantee shall be entitled to the return of the performance bond, or portion thereof, as remains sixty (60) days after the expiration of the term of the Franchise or revocation for default thereof, provided the City or the Commission has not notified Grantee of any actual or potential damages incurred as a result of Grantee's operations pursuant to the Franchise or as a result of said default. 9.1.5 The rights reserved to the City or the Commission with respect to the performance bond are in addition to all other rights of the City and the Commission whether reserved by this Franchise or authorized by law, and no action, proceeding or exercise of a right with respect to the performance bond shall affect any other right the City and the Commission may have. 9.2 Letter of Credit. 9.2.1 Within 30 days of the Effective Date of this Franchise, the Grantee shall deliver to the Commission an irrevocable and unconditional Letter of Credit, that is effective as of the Effective Date, in a form and substance acceptable to the Commission, from a National or State bank approved by the Commission, in the amount of$25,000.00. 9.2.2 The Letter of Credit shall provide that funds will be paid to the City upon written demand of the City, and in an amount solely determined by the City in payment for penalties charged pursuant to this Section, in payment for any monies deemed by the City to be owed by the Grantee to the City and/or the Commission, as applicable, after notice and opportunity to pay any such monies, pursuant to its obligations under this Franchise, or in payment for any damage incurred by the City or the Commission as a result of any acts or omissions by the Grantee pursuant to this Franchise. 9.2.3 In addition to recovery of any monies owed by the Grantee to the City, or the Commission or damages to the City, the Commission or any Person as a result of any acts or omissions by the Grantee pursuant to the Franchise, the City and/or the Commission in its sole discretion may charge to and collect from the Letter of Credit the following penalties: 9.2.3.1 For failure to timely construction pursuant to Section 2.8 provided in this Franchise, unless the City or the Commission approves the delay, the penalty shall be $500.00 per day for each day, or part thereof, such failure occurs or continues. 37