Approve Routine Water Line Extension Agreement for Duckers Village-Phase 8A W.O. 9437C ($86,146.05):

Staff recommends that the Board approve the routine Water Line Extension Agreement for Duckers Village-Phase 8A associated with W.O. 9437C in the amount of $86,146.05. Under our Policy, the Developer is allowed one of two options for paying the estimated cost of construction.  Mr. Joe Brester, Brester Homes, chose Option 2 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 Kentucky Bank of Winchester , Kentucky . The letter of credit will be payable in three installments.