HomeMy WebLinkAboutA018 - Letter of Credit No. 9213 released December 9, 1993 PE� II �S CITY OF AMES
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P.O. BOX 811 AMES IOWA 50010
Community-University-Opportunity
AMES CITY HALL
515 Clark Ave.
Ames, IA 50010
(515-239-5105)
City Clerk's
Office
December 9, 1993
Daniel L. Krieger, President
First National Bank
Burnett and 5th
Ames, IA 50010
Dear Mr. Krieger:
I have enclosed Letter of Credit No. 9213, previously on file for the
account of Valley East I, II & III Additions. As we discussed, the City
Engineer has advised me to release this Letter of Credit, as the
improvements are completed.
Please call me if you have any questions concerning the release of this
document. Thank you.
Sincerely,
��w L
Sandra L. Ryan
City Clerk
Enclosure
FILED
61993
CITY CLERK
CITY OF AMES,IOWA
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FII� .�
MEMORANDUM .,.,, _-
DIET, 2 1 n92
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TO: Sandy Ryan, City Clerk 1 cm, OF ZNI.S, 10V?A
FROM: John R. Klaus, City AttorneC
DATE: December 21, 1992 \
RE: Letter of Credit - Valley East I, II and III Additions
With this is a Letter of Credit in favor of the City provided by First Na-
tional Bank for Valley East I, II and III Additions.
The terms of the letter are such that, in my opinion, it qualifies as a
certified check under the City's subdivision ordinance.
Some question has come u as to which department is responsible for monitor-
ing performance of improvement agreements within the time limits of bonds and
letters of credit. That function has traditionally been performed by the
City's Department of Public Works. There have, of course, been some inci-
dents in which improvements were not completed within the time specified in
the performance bond. You will note that the expiration date on this agree-
ment is June 9th, but it will automatically extend for another six months if
notice of expiration is not received by registered mail from the bank 30 days
prior to the expiration date.
The Public Works Department should make a tickler file to insure that all
improvements required for Valley East I, II and III are complete to the
satisfaction of the City not later than May 9, 1993 so that the contractor
can be warned that further building permits will be withheld unless we have
satisfactory arrangements for new security or an assurance on the extension
of the Letter of Credit before June 9, 1993.
JRK:gmw
cc: Brian O'Connell
Paul Wiegand