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4 <br />The contract allows the developer to have the County staff release <br />a letter of credit, each of which represents 1/3 of the total <br />security or $300,000.00, upon: <br />1. submittal of a certified cost estimate from the engineer of <br />record for work completed under the letter of credit; <br />2. submittal of a certificate of completion from the engineer of <br />record for work completed that is covered by the letter of <br />credit to be released; <br />3. review and acceptance of the cost estimate and completion <br />certificate by the County Public Works Director; and <br />4. written authorization from the Public Works Director to the <br />Office of Management and Budget to release a letter of <br />credit. <br />The proposal meets all applicable D.O. requirements and normal <br />County requirements regarding contracting for completion of <br />required improvements. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners: <br />1. authorize the Chairman to execute the submitted contract for <br />construction; and <br />2. accept the three letters of credit from City Federal Savings <br />Bank (numbers 3186-421, 3187-422, and 3188-423) <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Wheeler, the Board unanimously authorized <br />the Chairman to execute the submitted contract for <br />construction and accept the three letters of credit <br />from City Federal Savings Bank (numbers 3186-421, <br />3187-422, and 3188-423), as recommended by staff. <br />14 <br />L <br />MAR 2 2 1988 <br />BOOK 71 FADE 312 <br />