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ORDINANCE NO. 86-4-2829
AN ORDINANCE APPROVING A LETTER OF CREDIT IN LIEU OF A CORPORATE SURETY FOR HERITAGE
PLACE SUBDIVISION
WHEREAS, on October 8, 1985, the Board of Commissioners approved a Heritage Place
Subdivision in Ordinance No. 85-10-=2749; and
WHEREAS, Section 4 of the aforesaid ordinance, pursuant to Section 12(2)(B) of the
Paducah Subdivision Ordinance set a performance bond in the amount of $50,000.00, with approved
corporate surety, as a condition of releasing a plat for filing in the McCracken County Court
House; and
WHEREAS, the developer of Heritage Place Subdivision has submitted an irrevocable
letter of credit from the Paducah Bank and Trust Company in the amount of $100,000.00, in lieu
of said corporate surety; and
WHEREAS, the Board of Commissioners finds that the irrevocable letter of credit is
equivalent to a corporate surety bond.
FOLLOWS:
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, AS
SECTION 1. That the letter of credit from the Paducah Bank and Trust Company to the
City of Paducah for Charles E. Clark to guarantee compliance with the Heritage Place
Subdivision within the City of Paducah Subdivision Regulations in the amount of $100,000.00 is
hereby accepted in lieu of a corporate surety bond.
SECTION 2. The City Engineer is hereby authorized to accept the aforesaid letter of
credit as complete conformity with Section 12(2)(B) of the Paducah Subdivision Ordinance, the
same as if a corporate surety bond had been filed with the City Engineer's Office.
SECTION 3. In order to expedite the approval of the letter of credit so that the
developer can begin necessary construction of the Heritage Place Subdivision, an emergency is
hereby declared to exist and this ordinance shall be effective upon one reading.
JOE VITERISI
Mayor
Introduced and adopted by the Board of Commissioners Apr. 22, 1986
Recorded by Lenita Smith, City Clerk, April 22, 1986
Published by The Paducah Sun April 28, 1986.