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Page 80 <br /> July 21 , 1980 <br /> MOTION: LaValle made motion, seconded by Schletty, that the City Clerk be <br /> directed to notify the 1st State Bank of Hugo that Grace Development <br /> has not met the obligations that their Letter of Credit guarantees <br /> and the city is taking action to draw on this Letter of Credit. <br /> LaValle withdrew his motion. <br /> The Clerk is to notify the 1st State Bank of Hugo that the Letter of Credit from <br /> Grace Development is in jeopardy, and no future extensions will be granted. <br /> MOTION: Spitzer made motion, seconded by Schletty, to adjourn at 10:05 PM. <br /> All aye. Motion Carried. <br /> Carol A. Williams, Clerk/Treas. <br /> City of Hugo <br />