Constitutes an unconditional payment obligation of the issuer running solely to the Township for an express initial period of time in the amount determined pursuant to Subsection 183.8;

Is issued by a banking or savings institution authorized to do and doing business in this State;

Is for a period of time of at least one year; and

Permits the Township to draw upon the letter of credit if the obligor fails to furnish another letter of credit which complies with the provisions of this subsection 30 days or more in advance of the expiration date of the letter of credit or such longer period in advance thereof as is stated in the letter of credit.