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02.) <br /> • RESOLUTION 79-8 <br /> A RESOLUTION ISSUING LETTERS OF CREDIT <br /> FOR MERCHANDISE PURCHASED BY THE ELK RIVER <br /> MUNICIPAL LIQUOR STORE <br /> WHEREAS, The City Council is advised by its Liquor Store Manager that <br /> it is desireable to purchase liquor at wholesale from Bell <br /> Boy Corp.; and, <br /> WHEREAS, Said Company requires a bank letter of credit to guarantee <br /> payment of invoices for merchandise shipped to the City; and, <br /> WHEREAS, It is the intent of the City to promptly pay any invoices for <br /> merchandise delivered by Bell Boy Corp. and to not invoke <br /> payment of the bank under any letter of credit. <br /> NOW, THEREFORE, BE IT RESOLVED by the Elk River City Council that, in <br /> order to do business with Bell Boy Corp., the City Clerk- <br /> Treasurer is authorized to request the Bank of Elk River to <br /> issue an irrevocable letter of credit to Bell Boy Corp. in <br /> the sum of $10,000.00 to extend for one year from date of <br /> issuance to guarantee payment of any invoices for merchandise <br /> shipped by said company. <br /> • Adopted this 21st day of May, 1979. <br /> . -) <br /> H>r/ <br /> Zia 7 d <br /> Franklin Ma sen, Mayor <br /> ATTEST: <br /> Ro ert C. Midda , City Admi trator <br />