CCR1986036RESOLUTION #36-86
APPROVAL OF AMENDMENT TO AGREEMENT BETWEEN
CITY OF MUSKEGO AND WASTE MANAGEMENT OF WISCONSIN, INC.
(Municipal Water System)
WHEREAS, on August 27, 1985, the Council authorized execution
Wisconsin, Inc., whereby Waste Management would dedicate
of an Agreement between City of Muskego and Waste Management of
financial aids in aid of construction for a municipal water
system expansion in the City, and
WHEREAS, a required letter of credit has been secured by Waste
Management, and
WHEREAS, Waste Management has requested that they be able to
release the letter of credit at this time and re-establish same
at the time the City is in the process of obtaining bids for
this project, and
WHEREAS, the Finance Committee has recommended approval.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
City of Muskego, upon the recommendation of the Finance
Agreement and authorizes the Mayor and Clerk to execute it and
Committee, does hereby approve the attached Amendment to
any documents necessary to release the letter of credit now in
effect.
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Ald. Ralph Tomczyk
ATTEST : /-
AMENDMENT TO AGREEMENT
WHEREAS, the parties hereto entered an Agreement on November
11, 1985, a copy of which is attached hereto and mide a part hereof,
and
WHEREAS, the parties wish to amend said Agr5ement by deleting
that part of paragraph 2 of said agreement that follows sub (d) of
said paragraph 2 and replace it with the following language
NOW THEREFORE BE IT RESOLVED by the partie: for valuable
consideration acknowledged by each party as follow:
That the portion of paragraph 2 following =ubparagraph (d) of
the original agreement is deleted and replaced with the following
language:
In order to secure payments as stated in the above-schedule,
upon receiving written notice from the Cit.1, Waste Management
shall within 5 days of the date of said notice cause to be
executed in favor of the City, an irrevocatsle letter of credit
or at Waste Management's option, establish an escrow account
in favor of the City of Muskego. Either or the above shall be
in form acceptable to the City of Muskego end shall allow the
City, with no further agreement from anyonc, to withdraw the
sums stated in this paragraph upon the Cit-J in writing,
stating to the financial institution invol'!ed, that the
condition stated above has been accomplishcd and said letter
of credit or account shall be "open ended" that is shall not
contain a termination date. That the City shall not give the
notice stated above until the City is in the process of
letting bids on the project in question.
WASTE MANAGEMENT OF WISCONSIN, INC. CITY OF MU~KEGO
BY:
VICE PRESIDENT
BY:
MAYOR
0 ASSISTANT SECRETARY
BY: BY:
CITY CLERK
DATED : DATED : ""