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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 /> (b) FINANCING: The Licensed Equipment being provided to <br /> CONTRACTOR 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 /> (c) MAINTENANCE OF LICENSED EQUIPMENT: 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 /> (d) OPERATION OF LICENSED EQUIPMENT: 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 /> 10 <br />