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<br /> <br />Through July 13, 2020, $44,555.90 of the original $71,000 LOC draw down has been <br />paid out on existing contracts. The remaining balance is adequate to cover the <br />outstanding contractual obligations that the City has at this time. <br /> <br />The Letter of Credit is set to expire on July 31, 2020. The City may request that it be <br />extended for an additional period of time, draw on the remaining balance, or allow the <br />LOC to expire. <br /> <br />Based on the status of work, cash currently held, and known obligations staff does not <br />anticipate the need to draw upon the LOC. <br /> <br />Unless the City Council objects, staff is proposing to inform the bank that the LOC in the <br />amount of $20,000 will be released. <br /> <br />Requested Council Direction <br /> <br />None required unless City Council requests retaining the Letter of Credit from Lake <br />Elmo Bank. <br /> <br />Attachments <br /> <br />None. <br />