HomeMy WebLinkAboutA016 - Letter to Newbrough Law firm dated July 26, 2000 - releasing Letter of Credit No. 1193 - $16, 709 City Clerk's Office
515 Clark Avenue,P.O. Box 811
l:aring Peo/�[e Ames,IA 50010
Quali(Y Programs - Phone: 515-239-5105
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Fax: 515-239-5142
July 26, 2000
Mr. D. R. Newbrough
Newbrough, Johnston, Brewer, Maddux& Sotak, LLP
612 Kellogg Avenue
Ames, Iowa 50010
RE: Northridge, 18th Addition
Dear Mr. Newbrough:
At their meeting of July 25, 2000, the Ames City Council accepted completion of the surface
paving required for the above-referenced Subdivision and authorized the release of the security
therefor. The Standby Letter of Credit in the amount of$16,709 is enclosed herewith for your
cancellation.
If you have any questions, please contact me. Thank you for your assistance in this matter.
Sincerely,
Q,M1 �/- -4-
Diane Voss
City Clerk
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Attachments
Copy to: Sara Lehman, Firstar Bank
Firstar Bank Iowa, N.A.
FIRSTA R
November 15, 1999
BENEFICIARY: APPLICANT:
CITY OF AMES ERBEN HUNZIKER, DONALD FURMAN,
515 CLARK AVENUE REINHARD FRIEDRICH, ROBERT BUCK
AMES, IA 50010 105 S. 16TH STREET
AMES, IA 50010
NORTHRIDGE SUBDIVISION,
18TH ADDITION
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1193
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
$16,709.00 U.S. DOLLARS (SIXTEEN THOUSAND SEVEN HUNDRED NINE DOLLARS
AND I100).
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) .BENEFICI_ARY'S STATEMENT SIGNED OR PURPORTING TO BE SIGNED BY OR
ON BEHALF OF BENEFICIARY CERTIFYING THAT "THE PUBLIC IMPROVEMENT
FOR NORTHRIDGE SUBDIVISION, 18TH ADDITION, AMES, STORY COUNTY, IOWA
HAVE NOT BEEN COMPLETED BEFORE NOVEMBER 15, 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 1193 DATED NOVEMBER 15, 1999".
****CONTINUED ON NEXT PAGE****
405 Main Street
P0. Box 828
Ames, Iowa 50010-0828
515,232-8200
515,232-5865 FAX
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 NOVEMBER 15, 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,
Iv -------------- --- I----------------
JOHN T. RUSSELL STEVE KENT
MARKET PRESIDENT VICE PRESIDENT
'r ROVED AS TO FORM
John R. Klaus
Attorney