79-008 RES 02.)
• RESOLUTION 79-8
A RESOLUTION ISSUING LETTERS OF CREDIT
FOR MERCHANDISE PURCHASED BY THE ELK RIVER
MUNICIPAL LIQUOR STORE
WHEREAS, The City Council is advised by its Liquor Store Manager that
it is desireable to purchase liquor at wholesale from Bell
Boy Corp.; and,
WHEREAS, Said Company requires a bank letter of credit to guarantee
payment of invoices for merchandise shipped to the City; and,
WHEREAS, It is the intent of the City to promptly pay any invoices for
merchandise delivered by Bell Boy Corp. and to not invoke
payment of the bank under any letter of credit.
NOW, THEREFORE, BE IT RESOLVED by the Elk River City Council that, in
order to do business with Bell Boy Corp., the City Clerk-
Treasurer is authorized to request the Bank of Elk River to
issue an irrevocable letter of credit to Bell Boy Corp. in
the sum of $10,000.00 to extend for one year from date of
issuance to guarantee payment of any invoices for merchandise
shipped by said company.
• Adopted this 21st day of May, 1979.
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H>r/
Zia 7 d
Franklin Ma sen, Mayor
ATTEST:
Ro ert C. Midda , City Admi trator