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• <br />• <br />3. That the City staff shall review all letters of credit <br />prior to August 1st of each year for the purpose of <br />exercising the option thereunder in a timely manner or <br />to require of the institution rendering the credit that <br />new letters of credit be issued prior to the expiration <br />date of the filed letter of credit for all remaining <br />work to be performed. <br />The motion for the adoption of the foregoing resolution was <br />duly seconded by , and upon vote <br />being taken thereon, the following voted in favor thereof: <br />and the following voted against: <br />whereupon said resolution was declared duly passed and adopted. <br />