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Every irrevocable letter of credit provided pursuant to this section shall be from a bank acceptable to the County Engineer having capital resources of at least $50,000,000 and being insured by the Federal Deposit Insurance Corporation. Each irrevocable letter of credit shall, at a minimum, provide that (i) it shall expire no earlier than 18 months after the date of issuance and, in no event, until 60 days after written notification of such expiration has been given by the issuing bank to the LCDOT; and (ii) it shall not require the consent of the permittee prior to any draw on it by the LCDOT. The format and language of the irrevocable letter of credit shall be determined by the County Engineer as advised by the State's Attorney.
(Ord. 19-1061, passed 7-9-2019)