Laserfiche WebLink
<br />25. Upon the effective date hereof the Company may reduce the <br /> <br /> <br />Performance Bonds now in place to one (1) Performance Bond <br /> <br /> <br />in the amount of Fifty Thousand Dollars ($50,000) namiñg all <br /> <br /> <br />ten (10) Member cities as Se'cured Parties and eligible <br /> <br /> <br />drawers thereon. The Performance Bond shall be replenish- <br /> <br />able so that each time anyone City draws thereon or makes a <br />claim against such Bond, the Company shall immediately <br />replenish the one Bond. 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 />able Performance Bond to be increased to an amount not to <br />exceed Two Hundred Fifty Thousand Dollars ($250,000). <br />26. This Resolution was moved by Councilmember Cushman and <br />seconded by Councilmember Maschka <br />The following Councilmembers voted in the affirmative: <br /> <br />'T'homa!=>. Cnshman, !1aschka, Johnson, and Roq. <br /> <br />The following Councilmembers voted in the negative: <br /> <br />NonF'. <br /> <br />Adopted this llth day of June <br /> <br />, 1990. <br />Roseville <br /> <br />Dated: <br /> <br />June ll, 1990 <br /> <br /> <br />13 <br /> <br />.,.;.; <br />