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2 <br /> A. No later than the Effective Date of this Franchise, Grantee shall establish and provide to the <br /> City, as security for the faithful performance by Grantee of all of the provisions of this Franchise,an <br /> Assurance in the amount of twenty-five thousand dollars($25,000.00). <br /> B. An Assurance may be drawn upon by the City for purposes including, but not limited to, the <br /> following: <br /> (1) Failure of Grantee to pay the City sums due under the terms of this Franchise; <br /> (2) Reimbursement of costs borne by the City to correct Franchise violations not corrected by <br /> Grantee; and <br /> (3) Monetary remedies or damages assessed against Grantee due to default or breach of <br /> • Franchise requirements. <br /> C. The City shall give Grantee written notice of any withdrawal under this subsection upon such <br /> withdrawal. Within seven (7) days following receipt of such notice, Grantee shall restore the <br /> Assurance to the amount required under this Franchise. Grantee's maintenance of the Assurance <br /> shall not be construed to excuse unfaithful performance by Grantee or to limit the liability of <br /> Grantee to the amount of the Assurance or otherwise to limit the City's recourse to any other <br /> remedy available at law or equity. <br /> D. Grantee shall have the rihit to appeal to the Chief Financial Officer for reimbursement in the <br /> event Grantee believes that the Assurance was drawn upon improperly. Grantee shall also have the <br /> right of judicial appeal if Grantee believes the Assurance has not been properly drawn upon in <br /> accordance with this Franchise. Any funds the City erroneously or wrongfully withdraws from the <br /> Assurance shall be returned to Grantee with interest, from the date of withdrawal at a rate equal to <br /> the prime rate of interest as quoted in the Wall Street Journal. <br /> 7a REPORTS AND RECORDS <br /> 7.1. Records Required <br /> Grantee shall at all times maintain, and shall furnish to the City upon request: <br /> A. A complete set of maps showing the exact location of all Telecommunications System <br /> equipment and Facilities in the Right-of-Way, but excluding detail on proprietary <br /> electronics contained therein and Subscriber drops. As-built maps including proprietary <br /> electronics shall be available at Grantee's offices on ten days' prior notice for inspection by <br /> the City's authorized representative(s) or agent(s) and made available to such persons <br /> during the course of inspections as reasonably conducted by the City. These maps shall be <br /> certified as accurate by an appropriate representative of the Grantee; <br /> 15 of 31 <br /> 16 <br />