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in the franchise agreement, as security for the faithful <br /> performance by it of all the provisions of the franchise, <br /> and compliance with all orders, permits and directions of <br /> any agency of the Grantor having jurisdiction over its <br /> acts or defaults under this ordinance, and the payment by <br /> the. Grantee of any claims, liens and taxes due the Grantor <br /> which arise by reason Of the construction, operation or <br /> maintenance of the system. <br /> <br /> The security fund may be assessed by the Grantor for <br /> purposes including, but not limited to, the following: <br /> <br /> (1) Failure of Grantee to pay Grantor <br /> sums due under the terms of the franchise. <br /> <br /> (2) Reimbursement of costs borne by the <br /> Grantor to correct franchise violations not corrected by_ <br /> Grantee, after due notice. <br /> <br /> (3) Monetary remedies or damages <br />assessed against Grantee due to default or violation of <br />franchise requirements. <br /> <br /> (b) At Grantor's sole option, some portion <br />of the security fund may be provided in the acceptable <br />form of an irrevocable letter of credit, in lieu of a <br />cash deposit. <br /> <br /> , <br /> <br /> <br />