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' <br /> Ainemor or the owner-developer of such phase shall furnish to the <br /> City animlinevableletter of credit in an esount sufficient <br /> cover tha estimated met of such improvements. The inetitution <br /> issuing the letter of credit and the fora of snob letter shall be <br /> subject to prior acceptance by the City. Any such letter(*) of <br /> credit shall contain reasonable provisions allowing the amount of <br /> any such letter to be reduced periodically to reflect the value <br /> of the improvements whit* brave been completed snit given ocnotruoi. <br /> ties m000ptence by the City. The previsions of this paragraph <br /> . sikait net epply pilles Aped or Chem Umbel impevemeat•6 <br /> ...111 <br /> , • gairmipingialtrax.eutgiatt... At the iiadi of anniessi= <br /> tion, Anneal*, agreee to provide to the City ems or more irrewo- <br /> cable letters of credit is the aggregate emote* of FOUR Manahl <br /> TeRMTY-FIVI =USAIR LLASS ($425,000.00) end in the form eat <br /> forth in ixhibit attached hereto and inoorporeted herein by <br /> this reform:me (the *initial Lattic(s) of credit'). Annex°, nay <br /> provide to the City one or more extensions of said Initial <br /> latter(s) of Credit or one or more Replacement fetter(s) of <br /> credit so long as letters of credit aggregating $4211,000.00 shall <br /> be continuously in effect from the date of annexation until <br /> February 1, 1155 or until • petition for deammemetion is <br /> submitted pursuant to paragraph 22 hereof, wbichever first <br /> oocurs. 1t is the intent of Anne** and the City that the fors <br /> of the Initial and Replaoesent lattices) of Credit be sufficient <br /> to facilitate the marketing of twenty-year golf course revenue <br /> bonds (the "sonde) by the City. If it becomes Apparent that <br /> _ ---------- -- a*MINal.•••• <br />