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transit shelters shall be granted by the City. The process for obtaining such p ermits shall <br />be expedited by all city departments to assure that shelters are installed within one <br />hundred eighty ( 18 0) days. <br />Section 20. (Reserved). <br />Section 21. Assignment or Transfer. <br />f ri i shall. '!� assign s tr ancfer its i ghts, duties and obligations under the <br />franchise, in whole or in part, without first obtaining the written consent of the' City, <br />provided, however, that the City's consent shall not be required with respect to an <br />assignment by the franchisee to any person or entity that controls, is controlled by, or <br />under common control with the franchisee or which merges with or into the franchisee or <br />acquires substantially all. of the assets of the franchisee. <br />Section 22. Performance Bond or optional Letter of Credit <br />In addition to the cash escrow provided in Section 17 hereof, a franchisee shall post with <br />the City a performance bond guaranteeing its performance of ` the obligations of the <br />franchise, as created by this ordinance, and the ordinance granting the p articular <br />franchise. The amount of the bond shall be as spccif ied in the Ordinance a�ntin g the <br />� <br />particular franchise. The bond shall be issued by a company licensed to do business in <br />Minnesota, and shalt be in a form acceptable to the City Attorney. In lieu of the <br />performance bond the franchisee may elect to give the City an irrevocable letter of credit <br />in the bond amount issued by a bank in the metropolitan area. The letter of credit shall <br />provide that it may be drawn upon under the same circumstances as a surety would be <br />subject to a claim under its performance bond, except that the letter of credit shall be <br />subject to a draw without any previous demand upon, or notice to the franchisee. The <br />letter of credit shall also be subject to a draw if it is effective for a limited term and is not <br />replaced by a replacement letter of credit at least thirty 30 days before expiration. The <br />letter of credit shall also be in a form approved by the City attorney and shall be on file <br />with the City Manager and remain so until three hundred sixty -five (365) days after the <br />expiration or termination of ` the franchise. The City shall give the Franchisee seven 7 <br />days notice of its intent to draw on a letter of credit, <br />Section 23. Removal of Shelter. <br />Franchisees shall within thirty (30) days after receipt of written notice from the City <br />remove any transit shelters that are located at discontinued transit stop sites or which the <br />City reasonably determines are in condition of substantial disrepair or deteriorated <br />condition such as to pose a health or safety hazard or diminution of value to the abutting <br />properties. Additionally, franchisees shall relocate any transit shelters within the 30 <br />days after their receipt of a written request to do so by the City as a result of <br />redevelopment, traffic hazards or changes in bus routes. Any such relocation of a transit <br />shelter shall be to a location mutually agreeable to both parties, but only after issuance of <br />all necessary permits by the Director of public Works. <br />IAN <br />