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3) That notwithstanding anything hereto to the <br />contrary, the City at all times shall continue to maintain its <br />$260,000.00 escrow in the form of one or two Norwest Bank Central <br />Letters of Credit as required by the August 31, 1984 Development <br />Contract with River's Bend Properties, a Minnesota partnership. <br /> <br />The motion for the adoption of the foregoing resolution was duly <br />seconded by Councilmember Sorteberg and the following voted in <br />favor thereof: <br /> <br />Mayor Reimann <br />Councilmember Cox <br />Coun¢ilmember DeLuca <br />Councilmember Schlueter <br />Coun¢ilmember Sorteberg <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />and the following abstained: <br /> <br />None <br /> <br />and the following were absent: <br /> <br />None <br /> <br />whereupon said resolution was declared duly passed and adopted by <br />the Ramsey City Council this the t4th day of October, 1986. <br /> <br />Resolution #86-168 <br /> Page 2 of 2 <br /> <br /> <br />