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payment by Grantee of any claim, liens and taxes due the City which arise by reason of the construction, operation or maintenance of the System. • B. Provision shall be made to permit the City to withdraw funds from the security fund. Grantee shall not use the security fund for other purposes and shall not assign, pledge or otherwise use this security fund as security for any purpose. The City reserves the right, in its sole discretion, to reduce the required amount of the security fund. C. Within thirty (30) days after notice to it that any amount has been withdrawn by the City from the security fund pursuant to (A) of this section, Grantee shall deposit a sum of money sufficient to restore such security fund to the required amount. D. If Grantee fails to pay to the City any taxes due and unpaid; or fails to repay to the City, any damages, costs or expenses which the City shall be compelled by a court of competent jurisdiction to pay by reason of any act or default of the Grantee in connection with this Franchise; or fails, after thirty (30) days notice of such failure by the City to comply with any provision of the Franchise which the City reasonably determines can be remedied by an expenditure of the security, the City may then seek to withdraw such funds from the security fund. ' E. The written instrument evidencing the security fund shall be subject to the approval of the City and shall contain the following endorsement (or • the substantive equivalent thereto): "It is hereby understood and agreed that this letter of credit may not be cancelled by the issuer, nor may the intention not to renew be stated by the issuer, until thirty (30) days after receipt by the City of a written notice stating such intention to cancel or not to renew." 10.05 Penalties from Security Fund. In addition to any other remedies provided herein, penalties for violations of this Franchise are set forth below. As a result of any acts or omissions by Grantee pursuant to the Franchise, the City may charge to and collect from the security fund the following penalties: A. For failure to complete or commence the construction in accordance with the Franchise unless the City approves the delay, the penalty shall be Seven Hundred Fifty and No/100 Dollars ($750.00) per day for each day, or part thereof, such failure occurs or continues. B. For failure to provide data, documents, reports or relevant information to the City during a renewal process or the System review, the penalty shall be One Hundred Fifty and No/100 Dollars ($150.00) per day. • K%