Agenda - Council - 03/14/1989 - Closed Executive Session and Regular Meeting

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~A72 "':',~ ~ ::' I! ~l',!i, '~ ',hl, ~- . Swiss Bank Corporation?: ,' " ~!1, Three First National Plaza, Suite '2100 Chicago, IL 60602 ' "', CC/vh November 14, 1988 Agency Commissioner Minnesota Pollution Control Agency 1350 Energy Lane St. Paul, MN 55108 Mr. Robert Hutchison Anoka County Dear Agency Commissioner and Mr. Robert Hutchison: We hereby establish our Irrevocable Standby Letter of Credit No. 7668 in your favor, at the request and for the account of Waste Management of Minnesota, Inc., 14730 Sunfish Lake Boulevard, Anoka, Minnesota 55303, up to the aggregate amount of Forty Six Thousand Two Hundred U.S. Dollars 46,200.00, available upon presentation of: Your sight 'draft, bearing reference to this Letter of Credit No. 7668, and Your signed statement reading as follows: "I certify that the amount of the draft is payable pursuant to the State of Minnesota's rules regarding the management of waste tires." This Letter of Credit is effective as of November 14, 1988, and shall expire on November 14, 1989, but the expiration date shall be automatically extended for a period of at least one year on November 14, 1989, and on each successive expiration date, unless, at least 120 days before the current expiration date, we notify you by certified mail that we have decided not to extend this Letter of Credit beyond the current expiration date. In the event you are so notified, any unused portion of the credit shall be available upon presentation of your sight draft for 120 days after the date of receipt by you, as shown on the signed return receipt. Whenever this Letter of Credit is drawn on and under and in compliance with the terms of this credit, we shall duly honor the draft upon presentation to us and we shall deposit the amount of the draft directly into the standby trust fund of Waste Management of Minnesota, Inc. in accordance with your instructions. 089-8033.0288 ./.