4.20.126.2 Letter of credit may be drawn upon after following specified procedure.

When approved by the city council, the letter of credit may be drawn upon by the cable administrator by presentation of a draft on sight at the lending institution accompanied by a written certificate signed by the cable administrator certifying:

   4.20.126.2.1.   That the franchisee has failed to comply with its obligations under the franchise agreement and/or the ordinance codified in this title and identifying the nature of the noncompliance;

   4.20.126.2.2.   That the franchisee was given written notice of and an opportunity to cure such noncompliance in accordance with the ordinance codified in this title and the franchise agreement and that the franchisee failed to cure such noncompliance within the period allowed therefor, together with a copy of such notice;

   4.20.126.2.3.   That the cable administrator issued a notice of intention to assess liquidated damages pursuant to the ordinance codified in this title, required only where liquidated damages are to be assessed, together with a copy of such notice;

   4.20.126.2.4.   That franchisee was given a minimum of ten (10) days written notice that the letter of credit would be assessed by the cable administrator for such finding of noncompliance if franchisee failed to satisfy such monetary damages, together with a copy of such notice; and

   4.20.126.2.5.   That franchisee failed to pay such monetary damages within the period allowed under such notice, specifying the amount by which the letter of credit is to be charged. (Ord. 205 § 3, 2001)