HomeMy WebLinkAbout5.C.4. Amendment to City Code Section 12.17, Details Regarding Security Options-Ord. No. 752
CITY OF SHAKOPEE 5:C.1,
MEMORANDUM
QW..... -'.' - ~
;.';".NSE.';"T
CASELOG NO: 06027 . 'I ,', ,}t'f. .
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: R. Michael Leek, Community Development Director PM---
SUBJECT: Amendment to City Code Section 12.17, DETAILS REGARDING
SECURITY OPTIONS
MEETING DATE: March 9, 2006
INTRODUCTION:
Finance Director Gregg V oxland requested consideration of a text amendment to City
Code Section 12.17 that would specify acceptable sources of letters of credit for
subdivision improvements.
ALTERNATIVES:
1. Offer and pass Ordinance No. 752, an amendment to City Code Sec. 12.17 regarding
letters of credit as presented.
2. Offer and pass Ordinance No. 752, an amendment to City Code Sec. 12.17 regarding
letters of credit with revisions.
3. Do not approve Ordinance No. 752.
4. Table the item for additional information.
PLANNING COMMISSION RECOMMENDATION:
On March 9, 2006, the Planning Commission held a public hearing on the proposed text
amendment, and unanimously recommended approval.
VISIONING RELATIONSHIP:
The proposed text amendment supports adopted Goal E, Financially Strong, by ensuring
that the City has adequate security for public improvements undertaken as a part of
platting.
ACTION REQUESTED:
Offer and pass Ordinance No. 752, an amendment to City Code Sec. 12.17 regarding letters
of credit as presented.
H:\CC\2006\03-21\TXT ORD LETTER OF CREDIT. doc
ORDINANCE NO. 752, FOURTH SERIES
AN ORDINANCE OF THE CITY OF SHAKOPEE, MINNESOTA,
AMENDING CITY CODE SECTION 12.17 REGARDING LETTERS OF CREDIT
THE CITY COUNCIL OF THE CITY OF SHAKOPEE, MINNESOTA,
ORDAINS:
Section 1- That SEC. 12.17. DETAILS REGARDING SECURITY
OPTIONS. Subd. 1. Letter of Credit, is hereby amended by adding the language,
which is underlined, and deleting the language that is struck through.
A letter of credit shall be payable to the City of Shakopee. Letters of
credit must be from a state or federally chartered bank: or savings and loan
association. insured bv the Federal Deposit Insurance Corporation. that
has an office in the State of Minnesota or a subsidiarv of such bank: or
savings association with an office in the State of Minnesota.
Section 2 - - Effective Date. This ordinance becomes effective from and after its
passage and publication.
Adopted in session of the City Council of the City of Shako pee,
Minnesota held the day of ,2006.
Mayor ofthe City of Shakopee
ATTEST:
City Clerk
Published in the Shakopee Valley News on the day of ,
H:\CC\2006\03-21\TXT ORD LETTER OF CREDIT.doc