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provided, however, that the City's consent shall not be required with respect to any assignment by the franchisee to any person or entity that controls, is controlled by, or under common control with the franchisee or which merges with or into the franchisee or acquires substantially all of the assets of the franchisee. Section 22. Performance Bond or Optional Letter of Credit. A franchisee shall post with the City a performance bond guaranteeing its performance of the obligations of the franchise, as created by this ordinance, and the ordinance granting the particular franchise. The amount of the bond shall be as specified in the Ordinance granting the particular franchise. The bond shall be issued by a company licensed to do business in Minnesota, and shall be in a form acceptable to the City Attorney. In lieu of the performance bond the franchisee may elect to give the City an irrevocable letter of credit in the bond amount issued by a bank in the metropolitan area. The letter of credit shall provide that it may be drawn upon under the same circumstance as a surety would be subject to a claim under its performance bond, except that the letter of credit shall be subject to a draw without any previous demand upon, or notice to the franchisee. The letter of credit shall also be subject to a draw if it is effective for a limited term and is not replaced by a replacement letter of credit at least thirty (30) days before expiration. The letter of credit shall also be in a form approved by the City attorney and shall be on file with the City Manager and remain so until three hundred sixty-five (365) days after the expiration or termination of the franchise. The City shall give the Franchisee seven (7) days' notice of its intent to draw on a letter of credit. Section 23. Removal of Shelter. Franchisees shall within thirty (30) days after receipt of written notice from the City remove any transit shelters that are located at discontinued transit stop sites or which the City reasonably determines are in condition of substantial disrepair or deteriorated condition such as to pose a health or safety hazard or diminution of value to the abutting properties. Additionally, franchisees shall relocate any transit shelters within thirty (30) days after their receipt of a written request to do so by the City as a result of redevelopment, traffic hazards or changes in bus routes. Any such relocation of a transit shelter shall be to a location mutually agreeable to both parties, but only after issuance of all necessary permits by the Director of Public Works. Section 24. Public Works to Regulate Installation. The Director of Public Works shall regulate the installation of transit shelters and if, in the opinion of the Director of Public Works, a shelter installation is hazardous, the Director may order a franchisee to take necessary steps at its own cost to remove or relocate the shelter or make the necessary repairs to correct the hazard. The Director of 8