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1 The Company shall file annually with the City no later than one hundred twenty (120) 2 days after the end of the Company's fiscal year, a copy of a financial report applicable to 3 the Roseville Transit Shelter System, including an income statement relating to its 4 operations during the fiscal year and a balance sheet, both of which shall be certified as 5 correct by an independent certified public accountant, and a statement of its properties, 6 equipment and facilities which are located upon the streets, highways and public places 7 within the City giving its investment in such facilities on the basis of original cost, less 8 applicable depreciation. These reports shall be certified as correct by an authorized 9 officer of the Company and shall be submitted along with such other reasonable 10 information as the City shall request with respect to the Company's facilities and 11 expenses related to its transit stop shelter system operations within the City. 12 The Company shall also file with the City Manager copies of its articles of incorporation, 13 bylaws, agreements with any other person relating to the ownership of the transit stop 14 shelter system, and amendments of such documents as they become effective. 15 Section 17. Insurance and Security. 16 The Company shall procure and maintain at its own cost the following insurance 17 coverage: 18 a) Workers compensation insurance in accordance with the Minnesota Workmen's 19 Compensation Act. 20 b) Commercial general liability insurance with minimum limits of$150,000 per 21 person and $1,000,000 per occurrence. 22 c) Comprehensive automobile liability insurance with minimum limits for bodily 23 injury and property damage of$150,000 per person and $600,000 per occurrence. 24 25 The foregoing insurance coverage shall be procured and maintained with insurers that are 26 reasonably acceptable to the City. The liability insurance policies shall be endorsed to 27 include the City as an additional insured. 28 The Company shall post a cash escrow with the City in the amount of$10,000 as security 29 for its obligations under this Agreement. The City may draw on this amount in its sole 30 discretion as necessary to reimburse the City for any repair, replacement or maintenance 31 costs incurred by the City as a result of the default of the Company. Draws on the escrow 32 account are supplemental to any other remedy or cure available to the City in the event of 33 a default by the Company. Upon termination of this Agreement, the Company shall be 34 entitled to payment of any unused escrow without interest. 35 The policy shall be of type in which coverage is restored immediately after the 36 occurrence of any loss or accident from which liability may thereafter accrue. The policy 37 shall contain an endorsement which shall provide that no cancellation shall become 38 effective without thirty (30) days' prior written notice to the City of intent to cancel or not 39 to renew. In the event such insurance is cancelled and the Company shall fail to 40 immediately replace it with another equivalent policy, the City may terminate their 41 franchise and declare it to be forfeited. 6