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the amount and date thereof. <br /> C. The letter of credit,bond, or other financial document shall be maintained <br /> at Twenty-Five Thousand Dollars ($25,000.00) during the entire term of the Franchise. <br /> In the event that amounts are withdrawn pursuant to paragraph A or B of this section, 4 ( ) <br /> the Grantee, shall take any action required to maintain the letter of credit bond, or other j • <br /> financial document at said full amount within ten(10)days of the notification by the City <br /> i <br /> of its withdrawal against the letter of credit bond, or other financial document. Y, <br /> D. The rights reserved to the City with respect to the letter of credit, bond, <br /> or other financial document are in addition to all other rights of the City, whether I <br /> reserved by this ordinance, the Franchise Agreement or authorized by law, and no action, <br /> proceeding or exercise of a right with respect to such letter of credit, bond, or other <br /> financial document shall affect any other right the City may have. <br /> E. The letter of credit, bond, or other financial document shall contain the <br /> following endorsement: <br /> "It is hereby understood and agrees that this letter of credit, bond, or other <br /> financial document, (whichever is applicable) shall not be cancelled by the surety nor the <br /> intention not to renew be stated by the surety until thirty(30) days after receipt by the <br /> City, by registered mail, or a written notice of such intention to cancel or not to renew." <br /> 2.9 Transfer of Franchise: <br /> A. The Franchise granted under this ordinance shall be privilege to be held <br /> in personal trust-by the Grantee. It shall not be assigned, transferred, sold or disposed <br /> of,in whole or in part, by voluntary sale, sale and lease back, merger, consolidation, or <br /> otherwise or by forced or involuntary sale, without prior consent of City Council, and <br /> then on only such conditions as may be therein reasonably prescribed. Any sale, transfer <br /> or assignment not made according to the procedures set forth in this ordinance shall <br /> render the Franchise voidable. The sale, transfer or assignment in bulk of the major part <br /> of the tangible assets of the Grantee shall be considered an assignment and shall be <br /> subject to the provisions of this section. Such prior consent of City Council shall not be <br /> required, however, for any assignment, transfer or sale to a parent corporation of the <br /> Grantee or a majority owned affiliate or subsidiary corporation of the Grantee, provided, <br /> that such parent, affiliate or subsidiary pays all outstanding franchise fee due to the City, <br /> agrees in writing to assume all other liabilities and obligations of the Grantee, and agrees <br /> in writing to be fully bound by the terms and conditions of this ordinance and the <br /> Franchise Agreement. <br /> B. The City shall have 120 days to act upon any request from the Grantee <br /> for consent of a sale, transfer or assignment of the System. <br /> The 120 days shall commence on the date the City receives a request for consent <br /> containing the proper FCC forms and other information required in accordance with this <br /> Section, the FCC regulations or the Franchise Agreement. If the City fails to render a <br />