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ORDINANCE NO. 2012- ni 1 (1) A franchise shall be valid for a term that is deemed appropriate by the district, but the term shall not exceed ten years. The franchise may be renewed, at the district's sole discretion, in accordance with the provisions of this part and the franchise agreement. (2) Each franchisee shall pay a franchise fee equal to six (6) percent of the gross revenues collected by the franchisee for: residential service in the residential franchise area; residential recyclables service and recyclable toter service in the residential recyclables franchise area; commercial service; and collection of construction and demolition Ddebris in any size commercial container. The franchise fee shall be accounted for and paid to the district on a monthly basis. Any payments due to the district and not received within the time frame set forth in the franchise agreement shall be subject to the penalties, interest rates, and administrative charges set forth in the franchise agreement. (43) A franchisee may be required to provide a performance bond, letter of credit, cash, certificate of deposit, or other proof of financial responsibility deemed suitable by the district, to ensure the franchisee's timely and lawful performance under the franchise agreement. (54) During the term of the franchise, the franchisee shall continuously maintain any required automobile, general liability, comprehensive liability, and workers' compensation insurance in the amounts required by the district or the laws of the State of Florida, whichever is greater. Evidence of such continuous coverage shall be made by timely submitting a certificate of insurance from the insurer, which shall provide the district at least thirty (30) days' notice prior to the cancellation, termination, or modification of such coverage. The district shall be identified as a covered party under any such insurance, except the workers' compensation insurance. (65) As a condition of any franchise issued hereunder, the franchisee shall agree to comply with all requirements of this part, the County Code, any 14