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TO: <br />ODarlene Weeks DATE: 4, 1985 FILE: <br />OMB <br />SUBJECT: U.S. 1/RAX SOUTH LETTER <br />OF CREDIT <br />Christopbgr J. Paull <br />Assistant County Attorney <br />FROM: REFERENCES: <br />0 <br />The Letter of Credit on Barnett Bank for Rax South, Inc. was <br />originally provided to the County at the request of the County <br />Administrator in order to guarantee completion of installation of a <br />sewer line, together with the complete restoration and clean-up of <br />all road areas affected during construction. These included 14th <br />Street, 15th Street and 6th Court and portions of 6th Avenue. All <br />work was apparently completed just prior to the second extension of <br />the letter, with the exception .of certain drainage corrections and <br />resodding of swails. <br />At the March 20, 1985 BCC meeting, the Board agreed to reduce <br />the amount of this bond to $5,000.00 and to allow an additional 30 <br />days to complete the remaining work. You should contact Michael <br />Wright,. Terry,Pinto, and Jim Davis for action on this letter of <br />credit prior to its expiration date. <br />The Administrator informed the Board that OMB Director <br />Barton has checked and determined that no work is being done, and <br />that is why this was added to the agenda as an emergency item. <br />He recommended that the Board authorize staff to call down the <br />Letter of Credit in the amount of $5,000. <br />ON MOTION by Commissioner Wodtke, SECONDED by <br />Commissioner Bowman, the Board unanimously (4-0) <br />adopted Resolution 85-42, authorizing staff to <br />call down the Letter of Credit on Barnett Bank <br />for Rax South, Inc., in the amount of $5,000 <br />as recommended by staff. <br />36 <br />BOOK" P' E <br />APR 17 1985 <br />J <br />