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Waconia State Ben <br />D EAST MAIN STREET • WACONIA, MINNESOTA 55387 • 612 442-5161 METRO 448-7244 <br />April 7, 198E <br />Mr. Mark Achen, City Manager <br />City of Moundsview <br />5141 Maywood Road <br />Moundsviev, MN 55364 <br />IRREVOCABLE LETTER OF CREDIT NO. 123 DATE: April 7, 1986 <br />Gentlemen: <br />We hereby authorize you to draw on us from time to time up to an aggregate 2^unt <br />of Ten Thousand and no/00 (10,000.00) for the account of Metro Investors, Inc. <br />This Letter of Credit is provided to insure that Metro Investors, Inc. will com- <br />plete the Moundsviev self -serve car wash per development agreement R86-73. <br />The amount of each draft drawn under this credit shall be endorsed on the reverse <br />aide hereof and all drafts must bear the clause "drawn under Waconia State Bank <br />Letter of Credit No. 123, Dated April 7, 1986." <br />This Letter of Credit is subject to the uniform customs and practice for documentary <br />credits (1974 Revision) interndtlonal Chamber of Commerce Brochure No. 290. <br />We hereby agree with the drawers endorsers and Bona fide holders of drafts drawn <br />under and in compliance with the terms of this credit :hat •,c,h drafts will be <br />duly honored on due presentation to the drawee. <br />Sincerely, <br />P.M. Tdllefsrud <br />President <br />