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Dexterfield Subd Letter of Credit MEMORANDUM TO: Vanessa Young, Director of Finance FROM: Joseph Jeffries, Manager of Planning Services DATE: February 23, 2006 RE: Irrevocable Standby Letter of Credit # 70-204712-4 to Guarantee Construction of Infrastructure in Dexterfield Subdivision. Please hold this Irrevocable Standby Letter of Credit in the amount of $400,000.00 until further notice. Thank you in advance for your cooperation.