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D. Grantee shall not have or make any claim for any deduction or • other credit of all or any part of the amount of the compensation or other payments to be made pursuant to this Franchise from or against any City or other governmental taxes of general applicability (including any such tax, fee, or assessment imposed on both utilities and cable operators or their Services but not including a tax, fee, or assessment which is unduly discriminatory against cable operators or cable Subscribers or income taxes) or other fees or charges which the Grantee is required to pay to the City or other governmental agencies. 10.03 Construction Performance Bond. A. No less than thirty (30) days prior to the start of the rebuild of the Cable System, Grantee shall either notify the City that it has completed construction of the System as designed in this Franchise or file with the City a construction performance bond. The bond shall run to the City in the penal sum of One Hundred Thousand and No/100 Dollars ($100,000.00). The bond shall be conditioned upon the faithful performance of Grantee of all terms and conditions of the construction as outlined within this Franchise. The rights reserved to the City with respect to the bond or other security shall be in addition to all other rights the City may have under the Franchise or any other law. • B. Following the completion of the construction as determined by the City in accordance with Section 7.03, the requirement to maintain said bond referred to in paragraph (A) above shall be extinguished and the City agrees to sign any documentation provided to it necessary for the release of such bond. C. The bond shall be subject to the approval of the City and shall contain the following endorsement (or the substantive equivalent of such language as agreed upon by the City): "It is hereby understood and agreed that this bond may not be cancelled without the consent of the City until sixty (60) days after receipt by the City by registered mail, return receipt requested, of a written notice of intent to cancel or not renew." 10.04 Security Fund. A. At the time this Franchise is accepted, Grantee agrees to provide to the City, and maintain through the term of this Franchise, a security fund in the form of a letter of credit established in favor of the City in the amount of Twenty -Five Thousand and No/100 Dollars ($25,000) for the faithful performance by it of all the provisions of this Franchise and • compliance with all orders, permits and directions of the City and the 31