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An applicant for a grant of a franchise, franchise renewal, franchise modification, or franchise transfer shall, prior to the City’s execution of the aforementioned, provide the City either a cash security deposit or an irrevocable letter of credit. The security fund shall be in an amount to be determined by the City Manager, but not less than twenty-five thousand ($25,000.00) dollars and shall be from a financial institution in a form satisfactory to the City Manager. The amount of the fund shall be based on the scope of the applicant’s existing and proposed cable operations in the City, the applicant’s technical and financial qualifications, and the applicant’s history of compliance with its franchise agreements in the City and elsewhere. The security deposit or letter of credit shall be used to ensure the faithful performance of the franchise agreement; compliance with this Ordinance; applicable Federal, State, and local law; all orders and permits; and the payment of any claims liens, fees, or taxes due the City that arise by reason of the construction, operations, repair or maintenance of the cable system. The City may withdraw funds from the security deposit or make demand for payment upon the letter of credit for the monetary amount of any remedy imposed pursuant to this Ordinance or the franchise agreement. (Ord. #80-97, S20)