HomeMy WebLinkAbout8290 (Res.)
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RESOLUTION NO. 8290
RESOLUTION REDUCING LETTER OF CREDIT REQUIREMENT
WHEREAS, the City of Stillwater has approved a Development
Agreement between the City and Elaine Lueck Krogstad for the
installation of a municipal utility on three lots created by
Krogstad adjacent to Neal Avenue in the City of Stillwater, and
WHEREAS, it appears that the contractor for Krogstad has
supplied a Payment and Performance Bond naming the City as Owner
that secures the City that payment will be made to the
contractor's materialmen, workmen and others associated with the
contract, and
WHEREAS, it is reasonable under these circumstances that the
Letter of Credit required by 9 3.02 of the Development Agreement
be reduced accordingly.
NOW, THEREFORE, BE IT RESOLVED, that the Letter of Credit
requirement in the Krogstad Development Agreement be and the same
hereby is reduced to the sum of Five Thousand Dollars ($5,000.00)
to be in place unless reduced by the City earlier until October
1, 1990.
Adopted by vote of the
day of June, 1990.
members of the City Council this 5th
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Attest:
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