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(345
ORDINANCE NO. 15,528
AN ORDINANCE REPEALING §37.35(b) OF ORDINANCE
NO. 13,556 ( SUBDIVISION ORDINANCE), AS AMENDED,
AND FURTHER AMENDING §37.35(4) TO PERMIT THE
USE OF AN IRREVOCABLE LETTER OF CREDIT AS A
MEANS OF ASSURING COMPLETION OF SUBDIVISION
IMPROVEMENTS, AND FOR OTHER PURPOSES.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Section 37.35(b) of Ordinance Number 13,556,
as amended, is hereby repealed.
SECTION 2. Section 37.35(d) of Ordinance Number 13,556,
as amended, is hereby amended to read as follows:
(d) Irrevocable Letter of Credit -- The
subdivider is permitted to provide an
irrevocable letter of credit from a financial
institution licensed to do business in Arkansas
to the City pursuant to the following
conditions:
1. The letter of credit will be for an
amount equal to the total estimated cost of
the improvements as agreed upon by the
subdivider and the City Engineer;
2. The letter of credit will be irrevocable
in accordance with Ark. Code Ann. §4 -5 -101,
et seq (1987), as amended, and will list the
City of Little Rock, Arkansas, as the
beneficiary of the irrevocable letter of
credit;
3. The letter of credit will be in a form
approved by the City Attorney;
4. In the event the subdivider is in
default, the City shall be entitled to
payment upon making demand for payment under
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the terms of the credit; further, the City
shall be entitled to use all of the monies
secured by the letter of credit to assure the
costs of completion of the work in the
subdivision as determined by the city
Engineer.
5. The subdivider will not be entitled to
any excess monies until the work in the
subdivision has been completed.
6. The term of the letter of credit shall be
limited to the time estimate offered by the
Engineer of Record and agreed upon by the
Public Works Department. During the
estimated time, periodic status reports shall
be made to the Public Works Department as,
required by the City Engineer.
SECTION 3. All law and parts of laws inconsistent
herewith are hereby repealed.
PASSED: August 16, 1988
ATTEST:
ICIIK CLERK JANE CZECH
STODOLA,
ATTORNEY
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