Approve Routine Water Extension Agreement for Duckers Lake Condos - Phase 1 Associated with Work Orders 9914C ($62,656.00):

Staff recommends that the Board approve the Routine Water Line Extension Agreement for Ducker Lake Condos – Phase I associated with W.O. 9914C in the amount of $62,656.00. Under our Policy, the Developer is allowed one of two options for paying the estimated cost of construction. The Developer, Mr. Bill Pulliam, 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 Town and Country Bank of Georgetown, Kentucky. The letter of credit will be payable in three installations.