Approve Routine Water Line Extension Agreement for Maples Subdivision, W.O. 10219C ($37,994.00):

Staff recommends that the Board approve the routine Water Line Extension Agreement for Maples Subdivision (White Cliffs & Breen Blvd.), associated with W.O. 10219C in the amount of $37,994.00. Under our current Policy, the Developer is allowed one of two options for paying the estimated cost of construction. Mr. Edward Kelsey and Lester Smoot (Partners), chose Option Two which states the developer must submit a letter of credit for the amount of the contract and the lending institution providing the letter of credit must be approved by the Board unless they are a local institution. The lending institution is Farmers Bank and Capital Trust Co. of Frankfort Kentucky. The letter of credit will be payable in three installments.