Travis County Commissioners Court
February 21, 2006
Item 36
36. Consider and take appropriate action regarding the call down of the letter of credit for springbrook industrial park section one, a subdivision in precinct 2.
>> we got a letter from the bank that said they would like to extend the letter of credit for one week -- one year, excuse me, but will extend it by the end of the week. What we would like you to do is authorize the judge to call down the letter of credit, if we don't get that letter of credit by the end of the week. They hit a holiday yesterday, they claimed that they could not reach us in time before the meeting. But -- but we do not have a substitute letter of credit in hand. So I’m reluctant to say just not act today. I would say go ahead and authorize the judge to call down in the event that we do not get the substitute letter of credit. That will cover us.
>> that would be my motion.
>> second.
>> what's the dead line on this letter of credit?
>> ana bolin, t.n.r. I understand that it will be extended for one year. Guessing from --
>> deadline is today?
>> I’m guess thank the deadline would be from -- from the date they issue it, which -- which I believe will be -- will be -- I don't know. But -- we put ourselves at risk.
>> so the motion is for the county judge to sign this letter of credit on what day? If it has not been extended.
>> as soon as we get the substitute letter of credit. But --
>> okay. Now, my -- do I have to -- do I sign the letter of credit, the substitute or do I call down the current one?
>> the letter of credit that we have expires on February 28th.
>> okay. So -- so that's the drop dead.
>> here's why I ask the question. I will not be here tomorrow or Thursday, I’ll be in dallas on county business.
>> okay.
>> so to me it's either today, tomorrow before -- before noon or Friday.
>> I think that we have until Friday.
>> the deadline is the 28th, then we have until Friday.
>> right.
>> but on Friday, at 1:00, so the bank will know this, if you bring me any call down, I will sign it or bring me a copy of the substitute.
>> all right.
>> I will read it.
>> yes, sir.
>> how's that?
>> that's good.
>> that's the motion?
>> yes, sir.
>> seconded by Commissioner Gomez. Any more discussion? All in favor. That passes by unanimous vote.
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Last Modified:
Wednesday, February 22, 2006 10:26 AM