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Council considers authorizing letter of credit if required by Northern Natural
Summary
Council moved to authorize procurement of a bank letter of credit, if required by Northern Natural, to meet credit requirements while the company upgrades its infrastructure; the Chair said the authorization would permit the city to secure a letter swiftly if requested.
The Chair asked the council for a motion to authorize procurement of a letter of credit if required by Northern Natural, explaining the request is driven by Northern Natural's upgrade work and its requirement that counterparties meet credit standards. "We need a motion to authorize procurement of a letter of credit if required by northern natural," the Chair said, noting the company was "pushing on it" harder than before.
Council members acknowledged the city's historical good credit and agreed to provide the administrator authority to obtain the letter if and when Northern Natural makes it a requirement. The transcript records introduction and procedural roll‑call handling; the detailed terms of any letter (amount, bank, or timing) were not specified in the provided segments.
