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<br />~ <br /> <br />Roseville Area Schools <br />District No. 62~ <br />1251 West County Road B2 <br />Roseville, MN 55113 <br /> <br />June 9, 1995 <br /> <br />City of Roseville <br />Roseville City Hall <br />2660 Civic Center Drive <br />Roseville, MN 55113 <br /> <br />Re: Final Plat of Owasso Hills <br /> <br />Ladies and Gentlemen: <br /> <br />In consideration of the City of Roseville wa~v~ng the requirement <br />for a performance bond or a letter of credit, in order to save ,the <br />cost of the same to essentially the same constituents of the School <br />District and the City, Independent School District No. 623, the fee <br />owner of all the lots in Owasso Hills, hereby unconditionally <br />guarantees that it shall pay as such payments are due, the cost of <br />the following public improvements to be constructed in such plat: <br /> <br />Part A Sanitary Sewer $ <br />Part B Watermain $ <br />Part C Drainage Works $ <br />Part D Streets $ <br />TOTAL IMPROVEMENTS COST $ <br /> <br />The School District also hereby represents and agrees that it has <br />reserved funds in the amount of such Total Improvements Cost to <br />cover the cost of such improvements within its money market secured <br />account with the Minnesota Liquid Asset Fund. <br /> <br />The School District will honor written requests by the City to <br />disburse from the reserve funds. If the School District refuses to <br />do so, it agrees that it will pay the City's reasonable costs, <br />disbursements and attorneys' fees in the event it is necessary for <br />the City to institute an action to collect pursuant to ~his <br />guarantee. <br /> <br />Very truly yours, <br /> <br />INDEPENDENT SCHOOL DISTRICT NO. 623 <br /> <br />By: <br /> <br />Its: <br />