Travis County Commssioners Court
April 15, 2003
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Item 7
7. Consider request for variance to Travis County's standard letter of credit form from the developer of 11505 tx 71 phase 2, a subdivision in precinct 3, and take appropriate action. Commissioner Daugherty has a question?
>> carol, did you think that this -- that this difference in -- in the letter of credit that we are -- that we are -- I guess the bank is the one that's insisting that -- that they -- that they present the letter of credit versus the letter of credit that we generally do. Is that -- I mean, do you think --
>> that is the issue.
>> do you think that we're protected.
>> yes. The only problem with their letter of credit, the basic issue that the timing there is no -- no date set as to when the -- when the letter expires. It's just a year. We have to pay attention to that. Our early letter of credit says three years. What it means is we will have to stay on top of it so that in the 11th ho in the roads are -- month if the roads are not completed we will have to have them extend the letter of credit. It is a private road, the roads will be built to our standards but it is not going to come into -- it is going to come into our inventory -- we have to be diligent. We have to relook at letter of credit that we've. In the very near future several banks have had issues with it, we are going to look at it as a whole and work with the county attorneys to perhaps word it in such a way that it is -- that it is acceptable to most of the banks and maybe just one or two will have issues.
>> but we have history showing that we are fine with this?
>> oh, yeah. The individual that -- that has now been dealing with all of the letter of credits, we had history back years ago where we had issues. But today she's on top of all of these, we have no issues -- we have no issues with that.
>> quick question, carol. You guys are pulling together the [inaudible] management system, the computer. Is that a possibility that this kind of thing would automatically pop up.
>> yes.
>> so that we get an electronic prompt on all of these kinds of things?
>> we can do that. [inaudible] monitors it that way through a -- it pops up to let her know time to bring it forward.
>> yes.
>> thank you. Motion and second, any more discussion? All in favor? That passes by unanimous vote.
>> thank you.
>> thank you.
Last Modified: Wednesday, April 9, 2003 3:52 PM