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payment from November of 1985. In exchanges „- this th' <br />bang, would agree that we could do it witho �t ; further <br />claim against the -itf. <br />2. City Reduce the Seecial Assessments - If posssi:-)le <br />under the County system, pay off the assessments from <br />the second half of '85 forward. This would leave the '84 <br />and first half one '85 delinquencies on as an assessment <br />adjusting them for any prepayments. The bank in <br />exchange w-)uld agree to hold the City harmlA..s on any <br />further claim, for red4cing these assessments. <br />3. Unilateral Cit Deman,i For Bala ice of Letter of <br />C_r^dit - The City demand- the balance of unpaid 184 and <br />185 principal amounts on the letter of credit balance <br />still outstanding adjusting for the tdovember '85 <br />prepayment to see if the Bank would pay. In addition <br />the City would need to receive a te?ease of all claim, <br />from the bank. The City additionally would adjust the <br />assessment removing all the principal f . 7m tI.e <br />assessment together with interest ar... penalties from the <br />second half of. '85 and for-ard. This would leave the <br />interest and penalities for 1984 and 1985 as delinquent <br />a::3essments. <br />4. Lank Initiates Liti ation Iie bank litigates with <br />the City over a fraudulent demand with the City taking <br />no action except in respon ,e to that. <br />Thy City does not L�,ink it can . „q,11 ly apply the letter of credit <br />moni(-5 it col lectcj for 2nd hU_f 1985 onw!• to satisfy the <br />eelinquencier, )f Ir S. This is in essence t e atsted request <br />from the "ank. <br />