XTO Energy Letter Of Credit Variance Request

There was some new information about the letter of Credit variance request (new to me anyway) at the last session (April 15, 2010) during the public hearing on the Permit requests. XTO Energy does not sound included to use a Cash Escrow system in lieu of the letter of credit. The Bond does not give the city the same advantages as the Letter of Credit.

Something that many people may be concerned about is that the $25,000 per well required is "not enough" to repair the streets. XTO Energy is liable (per the agreement) for all damages - the letter of credit is to insure that if invoices are not paid, there is recourse for the City.

I have some additional information about the letter of credit variance request.

I have an earlier blog entry also.