The financial institution issuing the letter of credit shall provide written notice of the upcoming expiration to the Village Fiscal Officer no later than 30 days and no sooner than 60 days prior to the indicated date of expiration in the letter of credit Such expiration notice shall be hand delivered or by U.S. mail, return receipt requested. In the event of failure to provide the Village of Gibsonburg with timely advance written notice, the expiration date of the letter of credit shall be extended 30 days after the date of any late written notice to the Village.
(Ord. 31-2007. Passed 12-20-07.)