City of West Columbia Council Meeting Agenda May 2026
U.S. Bank issues standby letter of credit for Pinecrest improvements
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Description
U.S. Bank National Association issued a $322,053.68 irrevocable standby letter of credit securing subdivision improvements for Pinecrest Phase 2 on behalf of Mungo Homes, naming the City of West Columbia as beneficiary. The instrument automatically renews annually and is proposed for extension through May 31, 2027.
Contract Details
Contract Amount
$322,053.68
Vendor
US BANK NATIONAL ASSOCIATION
Agency
City of West Columbia, SC
Contract Type
FINANCIAL_SERVICES
Document Date
May 5, 2026
Contract Term
Initial expiration May 31, 2025, automatically extended annually unless notice, not beyond May 31, 2026; proposed extension of bond expiration to May 31, 2027
Renewal Date
2027-05-31
Renewal Info
The letter of credit automatically extends for one year from the present or any future expiration date unless the bank gives at least 30 days’ written non-renewal notice; originally capped at May 31, 2026, with a requested amendment to extend the maximum expiration to May 31, 2027.
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