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