Approve Routine Electric Line Extension Agreement for Leatherwood Subdivision Associated with W.O. 9546C ($125,000):

Staff recommends that the Board approve the Routine Electric Line Extension Agreement for Leatherwood Subdivision associated with W.O. 9546C in the amount of $125,000. Under our Policy, the Developer is allowed one of two options for paying the estimated cost of construction. The Developer, Mr. Brad Penn, 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 American Founders Bank. The letter of credit will be payable in three installations.