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CITY OF ELK RIVER <br /> RESOLUTION NO. 80- 14 <br /> A RESOLUTION ISSUING LETTERS OF CREDIT <br /> FOR MERCHANDISE PURCHASES BY THE ELK RIVER <br /> MUNICIPAL LIQUOR STORE <br /> WHEREAS, The City Council is advised by its Liquor Store Manager that <br /> it is desirable to purchase liquor at wholesale from Bell Boy <br /> Corp. ; and, <br /> WHEREAS, Said Company requires a bank letter of credit to guarantee payment <br /> 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-Treasurer <br /> is authorized to request the Bank of Elk River to issue an irrevocable <br /> letter of credit to Bell Boy Corp. in the sum of $10,000.00 to extend for <br /> one year from date of issuance to guarantee payment of any invoices for <br /> merchandise shipped by said company. <br /> 410 ADOPTED this 16th day of June, 1980. <br /> (9:( <br /> Mayor <br /> ATTEST: <br /> ity Admin'f trator <br />