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• <br />CITY OF LINO LAKES <br />ANOKA COUNTY, MINNESOTA <br />COUNCIL RESOLUTION <br />WHEREAS, the City of Lino Lakes ordinances frequently require <br />a financial guarantee, to insure performance of certain requirements <br />of the City; and <br />WHEREAS, letters of credit are usually issued by banking <br />institutions which are under governmental provisions and require- <br />ments for the issuance of such letters of credit; and <br />WHEREAS, questions have arisen with reference to the policy of <br />the City with reference to time restraints as they relate to letters <br />of credit; and <br />WHEREAS, the City Council has addressed the problems that evolve <br />from having letters of credit come due at various times of the year, <br />thus causing continuous administration and possible exposure to <br />loss on the part of the City; and <br />WHEREAS, to minimize the potential of a loss of security or <br />guarantee with reference to letters of credit, the Council deems it <br />advisable to make a uniform expiration date for letters of credit; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City <br />of Lino Lakes, Anoka County, Minnesota: <br />1. That all letters of credit rendered to the City of <br />Lino Lakes shall be for a minimum duration of 365 days. <br />2. That all letters of credit rendered to the City of <br />Lino Lakes shall have an expiration date of December 31 <br />of the year or a subsequent year following at least <br />365 days. <br />