HomeMy WebLinkAboutA002 - Letter of Credit No. S104249 - $368,000 Firstar Bank,N.A. TELEX MCI 6734217
elvzs Milwaukee Operations SWIFT.FWISUS44
Wisconsin Level TEIEFAX (414)765-6207
777 EastWtSCOhSin Avenue TELEFAX:{414}765-4432
Global Services P.O.Box 532
Milwaukee,Wisconsin 53201 U.S.A.
SEPTEMBER 13, 1999
�O
� BENEFICIARY: APPLICANT:
CITY OF 'AMES TAYLOR LAND JOINT VENTURE
515 CLARK AVENUE_ 105 S. 16TH STREET
AMES, IA 50010 AMES IA 50010
SOMERSET SUBDIVISION,
6TH ADDITION, STORY 'COUNTY
OUR IRREVOCABLE STANDBY, LETTER OF CREDIT NO. S104249
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 368,000. 00 U.S . DOLLARS (THREE
HUNDRED SIXTY EIGHT THOUSAND 00/100 U.S . DOLLARS) .
PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE BY YOUR
DRAFT(S) AT SIGHT ON FIRSTAR BANK MILWAUKEE, N.A. , MILWAUKEE, WI
TO BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
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 SOMERSET
SUBDIVISION, 6TH ADDITION, STORY COUNTY, IOWA HAVE NOT BEEN
COMPLETED BEFORE SEPTEMBER 13, 2000 .
PARTIAL DRAWINGS ARE PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT, FOR A` PERIOD OF
ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLESS
SIXTY ( 60) DAYS 'PRIOR TO THE EXPIRATION DATE WE SHALL NOTIFY
YOU VIA CERTIFIED MAIL OR COURIER SERVICE THAT WE ELECT NOT TO
EXTEND THE VALIDITY.
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 MILWAUKEE, N.A. STANDBY
LETTER OF CREDIT NUMBER 'S104249 DATED SEPTEMBER 13, 1999" .
****CONTINUED ON NEXT PAGE****
Firstar Bank,N.A. TELD(MCI 6734217
tt11t'T ��ve MilwaukeeOperations SWIFT.FWISUS44
k i—I \ ! Wisconsin Level TELEFAX:(414)765-6207
/\ /�w.J, 777 East Wisconsin Avenue TELEFAK(414)765-4432
Global Services GU'j P.O Box532
Milwaukee,Wisconsin 53201 U.S.A.
OUR REF. NO. S104249 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
j COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON
PRESENTATION AND DELIVERY OF DOCUMENTS, AS SPECIFIED, TO FIRSTAR
BANK MILWAUKEE,-`N.A. , . LETTER OF CREDIT DEPARTMENT, P.O. BOX 532,
MILWAUKEE, WI 53201, OR TO FIRSTAR BANK, N.A. —AMES, 405 MAIN ST. ,
AMES, IA 50010 ATTN: JOHN T. RUSSELL IF DRAWN AND PRESENTED AT
THIS OFFICE ON OR BEFORE SEPTEMBER 13, 2000, OR ANY EXTENDED DATE
AS PREVIOUSLY INDICATED.
THIS CREDIT IS ,SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS ,( 199.3 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,
7
MARGIE ' REIN KAY BRE SER
AUTHORIZED SIGNATURE AUTHORIZED` SIGNATURE
414 765--4203
414 765--5626
MG
9� � APPROVED AS O FORM
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n .� John R. Klaus
� City Attomev
�r
City ' ice
515 Clark Avenue,P. O.Box 811
Caring People Ames,IA 50010
Qaal'ry naiSem Phone: 515-239-5105
Eueptioaal Service
Fax: 515-239-5142
September 13, 1999
TO WHOM IT MAY CONCERN:
I,Diane R. Voss, hereby certify that I have this date received from Taylor Land Joint Venture a Letter
of Credit in the amount of$368,000.00.
Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the
development of public improvements and utilities in the Somerset Subdivision, Sixth Addition, City of
Ames, Iowa, to-wit: street construction and street lights, and reasonable engineering and inspection
fees therefor.
By: CL .1,y// &T •�UC��Q�
Diane R. Voss
Title: City Clerk