HomeMy WebLinkAboutA022 - Letter to Chris Hunziker dated December 20, 2000, releasing Letter of Credit for $28,000 City Clerk's Office
515 Clark Avenue, P. O. Box 811
Ga,;,,gPeope Ames, IA 50010
Quario hr AraIla Phone: 515-239-5105
Ex�rv"Oo .tirrvic'
Fax: 515-239-5142
December 20, 2000
Ms. Chris Hunziker
535 Main Street
Ames, Iowa 50010
RE: Hillside, 5th Addition
Irrevocable Standby Letter of Credit No. MLWS 121295
Dear Chris:
The City Council, at their meeting of December 19, 2000, accepted completion of the surface
paving and street lights required as a condition for approval of the final plat of the above-named
Subdivision. Subsequently, the financial security required for the public improvements has been
reduced to zero, and the Letter of Credit in the amount of$28,000 is hereby released and enclosed
herewith.
Thank you for your assistance and cooperation.
Sincerely,
Diane Voss
City Clerk
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Enclosure
Copy to: Sara Lehman, Firstar Bank
i
Firstar Bank, N.A. TELEX MCI 6734217
FJI
^K�� Ovs Milwaukee Operations SWIFT:FWISUS44
�* Wisconsin Level TELFFAX(414)765�207
777 East Wisconsin Avenue TELEFAX:(414)765-4432
Global Services P.O.Box 532
Milwaukee,Wisconsin 53201 U.S.A.
APPROVED AS TO FORM
BY
"�R.
OCTOBER 17, 2000 City Attorney
BENEFICIARY: APPLICANT:
CITY OF AMES HUNZIKER DEVELOPMENT CO. , LC
515 CLARK AVENUE 105 S 16TH STREET
AMES, IA 50010 AMES, IA 50010
HILLSIDE SUBDIVISION,
5TH ADDITION
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. MLWS121295
GENTLEMEN/MADAM:
WE HEREBY ESTABLISH IN YOUR FAVOR, OUR IRREVOCABLE STANDBY
LETTER OF CREDIT FOR ACCOUNT AND BY ORDER OF THE APPLICANT, NOT
EXCEEDING A TOTAL AMOUNT OF 28, 000 .00 U.S. DOLLARS (TWENTY
EIGHT THOUSAND 00/100 U.S. DOLLARS) .
PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE BY YOUR
DRAFT(S) AT SIGHT ON: FIRSTAR BANK, N.A. , MILWAUKEE, WI TO BE
ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
1) BENEFICIARY'S STATEMENT SIGNED OR PURPORTING TO BE SIGNED
BY OR ON BEHALF OF BENEFICIARY CERTIFYING THAT: "THE PUBLIC
IMPROVEMENTS CALLED FOR BY THE AGREEMENT FOR PUBLIC IMPROVEMENTS
FOR HILLSIDE SUBDIVISION, 5TH ADDITION, STORY COUNTY, AMES,
IOWA WITH RESPECT TO SURFACE COAT AND STREET LIGHTS HAVE NOT
BEEN COMPLETED BEFORE OCTOBER 18, 2001" .
2) THIS ORIGINAL LETTER OF CREDIT.
THE AMOUNT OF ANY DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE
ENDORSED ON THE REVERSE OF THE ORIGINAL CREDIT. ALL DRAFTS MUST
BE MARKED "DRAWN UNDER FIRSTAR BANK, N.A. STANDBY LETTER OF
CREDIT NUMBER MLWS121295 DATED OCTOBER 17, 2000 " .
CANCELLATION OF LETTER OF CREDIT PRIOR TO EXPIRATION: THIS
LETTER OF CREDIT (AND AMENDMENTS, IF ANY) MUST BE RETURNED TO US
FOR CANCELLATION WITH A STATEMENT PURPORTEDLY SIGNED BY THE
BENEFICIARY STATING THAT THE LETTER OF CREDIT IS NO LONGER
REQUIRED AND IS BEING RETURNED TO THE ISSUING BANK FOR
CANCELLATION.
WE HEREBY AGREE WITH YOU THAT DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON
PRESENTATION AND DELIVERY OF DOCUMENTS, AS SPECIFIED, TO:
*** CONTINUED ON NEXT PAGE ***
Fir°star Bank,N.A. TELEX MCI 6734217
ONE Milwaukee Operations SWIFT:FWISUS44
TELEFAX 414 765-6207
*FIRSTAR Wisconsin Level ! )
777 East Wisconsin Avenue TELEFAX:(414)765-4432
Global Services P.O.Box532
Milwaukee,Wisconsin 53201 U.S.A.
REF. NO. MLWS121295
PAGE NO. 2
FIRSTAR BANK, N.A. GLOBAL SERVICES DIVISION MAIL LOC MK-FC-WIIN
777 EAST WISCONSIN AVE. MILWAUKEE, WI 53202 OR FIRSTAR BANK,
N.A. , ATTN: JOHN RUSSELL, 405 MAIN STREET, AMES, IA 50010 IF
DRAWN AND PRESENTED AT THIS OFFICE ON OR BEFORE OCTOBER 18,
2001.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION) , INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500 (THE "UCP") , OR THE SUCCESSOR
VERSION IN EFFECT AT THE TIME OF ANY DRAWS.
VERY TRULY YOURS,
HORIZED SIGNATURE AUTHORIZ D SIGNATURE
KB
Firstar Bank Iowa, N.A.
FiR.'.5.T, A.R
October 18, 1999
BENEFICIARY: APPLICANT:
CITY OF AMES HUNZIKER DEVELOPMENT
515 CLARK AVENUE 105 S. 16TH STREET
AMES, IA 50010 AMES, IA 50010
HILLSIDE SUBDIVISION,
5TH ADDITION- FINAL TOP COAT ON STREETS AND STREET LIGHTS
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1192
GENTLEMEN/MADAM:
WE HEREBY ESTABLISH IN YOUR FAVOR, OUR IRREVOCABLE STANDBY LETTER
OF CREDIT FOR ACCOUNT OF THE APPLICANT BY ORDER OF FIRSTAR BANK N.A.,
405 MAIN STREET, AMES, IA 50010 NOT EXCEEDING A TOTAL AMOUNT OF
$28,000.00 U.S. DOLLARS (TWENTY EIGHT THOUSAND AND 00/100).
PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE BY YOUR DRAFT(S) AT
SIGHT ON FIRSTAR BANK, N.A., AMES, IA TO BE ACCOMPANIED BY THE
FOLLOWING DOCUMENTS:
1) BENEFICIARY'S STATEMENT SIGNED OR PURPORTING TO BE SIGNED BY OR
ON BEHALF OF BENEFICIARY CERTIFYING THAT "THE PUBLIC IMPROVEMENT
FOR HILLSIDE SUBDIVISION, 5TH ADDITION, AMES, STORY COUNTY, IOWA HAVE
NOT BEEN COMPLETED BEFORE OCTOBER 18, 2000".
PARTIAL DRAWINGS ARE PERMITTED.
THE AMOUNT OF ANY DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE
ENDORSED ON THE REVERSE OF THE ORIGINAL CREDIT. ALL DRAFTS MUST BE
MARKED "DRAWN UNDER FIRSTAR BANK, N.A. STANDBY LETTER OF CREDIT
NUMBER 1192 DATED OCTOBER 18, 1999".
****CONTINUED ON NEXT PAGE****
405 Main Street
P0.Box 828
Ames, Iowa 50010-0828
515/232-8200
515/232-5865 FAX
Firstar Bank Iowa, N.A.
PAGE 2
CANCELLATION OF LETTER OF CREDIT PRIOR TO EXPIRATION: THIS LETTER OF
CREDIT (AND AMENDMENTS, IF ANY) MUST BE RETURNED TO US FOR
CANCELLATION WITH A STATEMENT PURPORTEDLY SIGNED BY THE
BENEFICIARY STATING THAT THE LETTER OF CREDIT IS NO LONGER REQUIRED
AND IS BEING RETURNED TO THE ISSUING BANK FOR CANCELLATION.
WE HEREBY AGREE WITH YOU THAT DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON
PRESENTATION AND DELIVERY OF DOCUMENTS, AS SPECIFIED, TO FIRSTAR
BANK, N.A., 405 MAIN STREET, AMES, IA 50010 ATTN: JOHN T. RUSSELL IF
DRAWN AND PRESENTED AT THIS OFFICE ON OR BEFORE OCTOBER 18, 2000.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500 (THE "UCP"), OR THE SUCCESSOR VERSION IN
EFFECT AT THE TIME OF ANY DRAWS.
VERY TRULY YOURS,
?-------------- -- - ----------------- -----------------------
JOHN T. RUSSELL STEVE KENT
MARKET PRESIDENT VICE PRESIDENT
HCF RO AS TO FORM
v Bt "
John R. Kla
City AttornPv