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58 June 23, 1983 <br /> original development agreement for construction and installation of sanitary <br /> sewer, storm sewer, watermain, and the street in the area within City known <br /> as Shamrock Glen. Mr. Johnson concurred. Council: Peltier, Atkinson, Schwab, <br /> agreed - Vail, no objection. <br /> Mayor McAllister stated a perpetual letter of credit from Mr. Richard Vail, <br /> in the amount of $2,000, be received by the City to cover inspection by City <br /> Engineer i n lieu of bond; all Council members agreed. <br /> MOTION: McAllister made motion, Peltier seconded, that Mayor and City Clerk <br /> be authorized to execute the amended development agreement, subject <br /> to the following: <br /> 1. Receipt from Mr. Richard Vail for letter of credit, in the amount <br /> of $25,000, to replace the bond requirement in paragraph 3, page <br /> 3, of the original agreement dated October 14, 1982; <br /> 2. Letter of credit, in the amount of $2,000, specifically covering <br /> onsite inpsections of all public utilities by the City Engineer <br /> (one letter of credit for $27,000 to cover the above is suffi- <br /> cient) ; <br /> 3. Letter of credit(s) to meet the satisfaction of City Attorney, <br /> and should have a guarantee renewal by request of the City <br /> Council Cr a sixty day notic of cancellation. <br /> VOTING FOR: McAllister, Peltier, Atkinson, Schwab <br /> ABSTAINED: Vail <br /> Motion Carried. <br /> MOTION: Peltier made motion, Atkinson seconded, to adjourn at 8:57 PM. <br /> All aye. Motion Carried. <br /> LuAnn Prachar, Acting Secretary <br /> City of Hugo <br />