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ORANGE, CITY OF (TSIA - complete copy) - 1995
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ORANGE, CITY OF (TSIA - complete copy) - 1995
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monies received from such sources ane not adequate to complete the <br />needed mitigation improvements. <br />Each irrevocable letter of credit shall provide on its <br />face that no amounts may be drawn upon thereunder unless all of <br />the preceding conditions have been satisfied. In addition, all <br />drafts drawing upon a letter of credit shall be accompanied by a <br />written affidavit signed by the mayor or city manager of the City <br />of Orange certifying that (a) Orange is entitled to the sum <br />demanded, (b) all conditions set forth above have been satisfied, <br />and (c) all amounts to be drawn or which have theretofore been <br />drawn,under any letter of credit shall be and have been applied <br />solely in payment of mitigation measures recommended by either the <br />EIR or the New Traffic Study. <br />Each letter of credit shall have a term of one year, and <br />shall be issued,in favor of the JPA. The letter of credit for the <br />Second Phase of the Project shall be extended prior to its <br />expiration or maturity date for another term of one year on the <br />same terms and conditions as set forth above, if and only if the <br />entire amount of such letter of credit has not been previously <br />drawn down, and, if the mitigation measures which are reasonably <br />resulting from the construction of the Second Phase of the <br />Project, or any earlier Phase, and are recommended by the EIR or <br />the New Traffic Study, have not been completed. If less than the <br />prior amount of such letter of credit has been drawn down, the <br />letter of credit may be extended, but only in the amount of the <br />remaining balance not drawn down. Thereafter, the expiration <br />8 03935 <br />
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