If at any time the village determines that the bank issuing a performance and payment
letter of credit or a guaranty letter of credit is unable to meet any federal or state
requirement for reserves, or is insolvent, or is, for any letter of credit in excess
of one million dollars ($1,000,000.00), without capital resources of at least fifty
million dollars ($50,000,000.00), or is in danger of becoming any of the foregoing,
or is otherwise in danger of being unable or unwilling to honor such letter of credit
at any time during its term, or if the village otherwise reasonably deems itself to
be insecure, then the village may require that the developer provide a replacement
letter of credit from a bank satisfactory to the village.
(Ord. No. 96-0-14, § 2(22-707), 3-14-96)
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