HomeMy WebLinkAboutR-2013-103 Cancellation of Letter of Credit RESOLUTION NO. R- 2013 -103
A RESOLUTION CONFIRMING CANCELLATION OF A LETTER OF CREDIT
WHEREAS, the City was a beneficiary of an Irrevocable Standby Letter of Credit,
Number: 200 -1565 ( "Letter of Credit "), from Enterprise Bank and Trust on application
of Seal -O -Matic Paving Co., in the amount of $122,465.84, expiring by its own terms on
June 26, 2014; and
WHEREAS, the City no longer needed the Letter of Credit and mailed the
original to Enterprise Bank and Trust; and
WHEREAS, Enterprise Bank and Trust has no record of receiving the Letter of
Credit; and
WHEREAS, the City desires that the Letter of Credit be canceled,
notwithstanding the inability to locate the original instrument.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI AS FOLLOWS:
THAT the Board of Aldermen hereby cancels the Letter of Credit; and
FURTHER THAT the Board hereby represents that the City has not assigned,
transferred, endorsed or otherwise negotiated, in whole or in part to anyone, the Letter of
Credit, and
FURTHER THAT the Board represents that if by chance it should come into
possession of the original instrument, it will surrender it to Enterprise Bank and Trust,
International Banking Dept., 4717 Grand Ave., Suite 450, Kansas City, Missouri 64111.
PASSED AND APPROV J D by a majority of the Board of Aldermen of the City
of Riverside this /O day of �, 2013.
W ealleyndleoz.,
Mayor Kathleen L. Rose
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