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<br />performance obligations under this Agreement. If at any time, or <br />from time to time, the Licensed Equipment is not adequate for <br />CONTRACTOR to meet such obligations, or, the Solid Waste collection <br />and Recycling vehicles licensed pursuant to this section need to be <br />replaced for any reason, including loss, CONTRACTOR shall be <br />responsible for providing any and all additional or replacement <br />Solid Waste collection and Recycling vehicles and any and all <br />additional Solid Waste collection and Recycling carts as may be <br />necessary for the collection, Recycling and disposal of all Solid <br />Waste for which it is responsible under this Agreement. <br /> <br />(b) FINANCING: The Licensed Equipment being provided to <br />CONTRAC'fOR pursuant to section (a) hereunder is being acquired <br />pursuant to that certain "Installment Purchase Contract" ("IPC") <br />between the CITY and the California Environmental Finance <br />Corporation ("CEFC") dated June 1,1996, a copy of which is on file <br />with the Clerk of the Council and which is incorporated herein by <br />this reference. CONTRACTOR hereby acknowledges the flow of funds <br />and priority of revenues set forth in section 3.06 of the IPC, <br />which is further summarized on pages 12 and 13 of the Official <br />Statement accompanying the issuance of the tax exempt certificates <br />of Participation ("c.o.P.s") which have been, or will be, issued by <br />CEFC to raise the funds necessary for it to purchase the Licensed <br />Equipment. While not required to do so, CEFC has agreed to acquire <br />the Licensed Equipment in accordance with the competitive bidding <br />procedures set forth in section 421 of the CITY'S municipal <br />charter. The CITY agrees to take all necessary action and execute <br />all necessary documents to facilitate the issuance of the C.O.P.s <br />and to approve an excess proceeds certificate authorizing an excess <br />proceeds prepayment of the C.O.P.s as provided in sections 3.11 and <br />4.01(b) of that certain "Trust Agreement" by and among the CITY, <br />CEFC and Harris Trust Company of California, a copy of which is on <br />file with the Clerk of the Council and which is incorporated herein <br />by this reference. <br /> <br />(c) MAINTENANCE OF LICENSED EOUIPMENT: CONTRACTOR shall, at <br />its own expense, maintain and preserve the Licensed Equipment in <br />good repair and working order at all times and will operate the <br />Licensed Equipment in an efficient and economical manner and will <br />pay all maintenance and operation costs of the Licensed Equipment <br />as they become due and payable. On or before the first day of each <br />fiscal year, CONTRACTOR will prepare a budget setting forth the <br />estimated maintenance and operation costs of the Licensed Equipment <br />for such fiscal year. <br /> <br />(d) OPERATION OF LICENSED EOUIPMENT: CONTRACTOR shall be <br />fully responsible to the CITY for the storage, operation, <br />maintenance and management of the Licensed Equipment. CONTRACTOR <br />shall distribute the Solid Waste collection and Recycling carts <br />(one for Recyclable Solid Waste, one for Yard Waste and one for <br />non-Recyclable Solid Waste) to each Curbside Service unit <br />throughout the CITY. CONTRACTOR will utilize the Licensed <br /> <br />10 <br />