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EXHIBIT D <br />IRREVOCABLE LETTER OF CREDIT <br />No. <br />Date: <br />TO: City of Hugo <br />14669 Fitzgerald Avenue North <br />Hugo, MN 55038 <br />Dear Sir or Madam: <br />We hereby issue, for the account of , and in your favor, our <br />Irrevocable Letter of Credit in the amount of $ , available to you by your draft <br />drawn on sight on the undersigned bank. <br />The draft must: <br />a) Bear the clause, "Drawn under Letter of Credit No. dated <br />, 200, of "; <br />b) Be signed by the City Administrator; and, <br />c) <br />Be presented for payment at <br />on or before 4:00 p.m. on , <br />This Letter of Credit shall automatically renew for successive one (1) year terms unless, at <br />least forty-five (45) days prior to the next annual renewal date (which shall be <br />of each year), the Bank delivers written notice to the Hugo City Clerk that it intends to modify the <br />terms of, or cancel, this Letter of Credit. Written Notice is effective if sent by certified mail, <br />postage prepaid, and deposited in the U.S. Mail at least forty-five (45) days prior to the next annual <br />renewal date addressed as follows: Hugo City Clerk, City of Hugo, 14669 Fitzgerald Avenue <br />North, Hugo, Minnesota 55038, and is actually received by the City Clerk at least thirty (30) days <br />prior to the renewal date. <br />This Letter of Credit sets forth in full our understanding which shall not in any way be <br />modified, amended, amplified or limited by reference to any document, instrument or agreement, <br />whether or not referred to herein. <br />This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than <br />one draw may be made under this Letter of Credit. <br />21 <br />