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the amount of $50,000. The form and content of such letter of credit shall be <br />approved by the City Attorney. The letter of credit shall be used to insure the <br />faithful performance by the Company of all provisions of this franchise, and <br />compliance with all orders, permits and directions of any agency, commission, <br />board, department, division or office of the City having Jurisdiction over its <br />acts or defaults under this franchise, and the payment by the Company of any <br />claims, liens and taxes due the City which arise by reason of the construction, <br />operation or maintenance of the system. <br /> <br /> b) The letter of credit shall be maintained at $50,000 during the <br />entire term of this franchise, even if amounts have to be withdrawn pursuant to <br />subdivision "a" or "c" of this Section. <br /> <br /> c) If the Company fails to pay to the City any compensation within the <br />time fixed herein; or, fails, after ten (10) days' notice to pay to the City <br />any taxes due and unpaid; or fails to repay the City within ten (10) days, any <br />damages, costs or expenses which the City is compelled to pay by reason of any <br />act or default of the Company in connection with this franchise; or fails, <br />after three (3) days' notice of such failure by the City to comply with any <br />provision of this franchise which the City reasonably determines can be reme- <br /> <br />died by demand on the letter of credit, the City may immediately request <br />~ment~0f the amount thereof, with interest and any penalties, from the letter <br /> <br />of credit. Upon such request for payment, the City shall notify the Company of <br /> <br />the amount and date thereof. <br /> <br />d) The rights reserved to <br />credit are in addition to all other <br /> <br />the City with respect to the letter of <br />rights of the City, whether reserved by <br /> <br />this franchise or authorized by law, and no action, proceeding or exercise of a <br /> <br />right with respect to such letter of credit shall affect any other right the <br /> <br />City may have. <br /> <br />e) The l~tter of credit shall contain the following endorsement: <br /> <br />"It is hereby understood and agreed that this letter of <br />credit may not be cancelled by the surety nor the <br />intention not to renew be stated by the surety until <br />thirty (30) days after receipt by the City~ by regis- <br />tered mail, of a written notice of such intention to <br />cancel or not to renew." <br /> <br />12 <br /> <br /> <br />