City of Miles City Council Meeting Agenda April 2026
Stockman Bank Letter of Credit Restructured for Subdivision
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Description
Stockman Bank’s letter of credit in the amount of $605,866 secured completion of City View Subdivision improvements for Miles City, with the City drawing the full amount in August 2025. Under Resolution 4683 and the Fourth Amended SIA, $579,316 is to be released back to the subdivider while $26,550 is retained as security for remaining mailbox facilities.
Contract Details
Contract Amount
$605,866.00
Vendor
STOCKMAN BANK
Agency
City of Miles, MT
Contract Type
FINANCIAL_SERVICES
Document Date
April 28, 2026
Contract Term
Letter of credit originally expiring September 5, 2025
Renewal Date
2026-08-31
Renewal Info
Letter of credit was extended multiple times to match SIA deadlines and then fully drawn in August 2025; remaining funds are now held in a City account as security under the Fourth Amended SIA through August 31, 2026.
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