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Home My WebLink AboutA034 - Irrevocable Letter of Credit No. 265 - $120,000 r Brenton National Bnak of Des Moines BANK ("Bank")Name BRENTON P.O. Box 891 Address Des Moines, IA 50304 City/State/Zip FILED IRREVOCABLE LETTER OF CREDIT ORIGINAL DEC 2 21987 CITY CLERK .0 CITY OF AMES. 10014 ::]Number Dale: �o Irrevocable Documentary Letter of Credit 265 December 22, 1987 ow i cc Beneficiary _u w Applicant Everett W. Cochrane Q Z d/b/a Mortensen-ProjecEstates10 Fourth kAddit on City of Ames, IA Zo P.O. Box 1099 Z w Ames, IA 50010 � < 0 y Amount :a U O $120,000.00 cc 00 Z Z Expiry December 22, 1988 UJI :Eo °� Dear Sirs:We hereby issue in your favor this irrevocable documentary letter of credit which is available by negotiation of you 0� raft, bearing our credit number, at P.O. BOx 891, Des Moines, IA 50304 na rawn on Everett W. hrane d/b/a o esse�L-$ a eef<-I- accompanied by the following documents. w Willow Creek Estates, Fourth Addition Ln a C__ w Signed Declaration by an authorized official of the City of Ames, Iowa stating: cc "The amount of the drawing under Brenton National Bank of Des Moines I;/C#265 E)o represents a sum due us from Everett W. Cochrane for completion of site work d w represents �- -etr��oleet--3�consisting of asphalting, sod and seeding, landscaping, /CD tennis courts and tot lots." Willow Creek Estates, Fourth Addition U) J J rn Z w Ir o_ Q X Z wQ ww rn I.- CC S O I- rn 0> cnw ¢ ¢ IL LL rn Documents to be presented within days after the date of issuance of the shipping document(s)but within the validity of the cre It. U)" Partial Shipments Transshipments a F Dispatch/Shipment from Not PERMITTED PERMITTED ww To: w U Negotiating Bank To Forward All Documents in One Mail LATEST: WE HEREBY AGREE WITH THE DRAWERS,ENDORSERS AND BONAFIDE HOLDERS OF All negotiation charges are for your account. DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT SUCH DRAFTS BE DULYTO THE DRAWEES OF HIELDOCUMEN SNAGS RED SPECIFIIEDPIF NEGOTIATED ON ORON DUE RESENTATION ANDIVERY BEFORE THE EXPIRATION DATE OR PRESENTED TO THE DRAWEES TOGETHER WITH THIS LETTER OF CREDIT ON OR BEFORE THAT DATE. THE AMOUNT AND DATE HEREOF BOY THE NEGOTIATION TIAT AN OF EACH BANK.DRAFT MUST BE ENDORSED ON THE ADVISING BANK'S NOTIFICATION BR TON NATIO BANK OF DES MOINES Number,Place,Date.Name and Signature of Advising Bank ")Name AUTHORIZED SIGNATURE ikce President 1084 AMES C I TIY Ou Fr A Mv Ez S3 , i owa 5001O I � I � ALL-AMERICA CITY 1982-1983 FILED December 28, 1987 IM Diane Powers, Deputy City C1erk 621 Main Street Ames, Iowa 50010 In re: Ev Cochrane d/b/a Mortenson I, A Limited Partnership, Improvements Required for Willow Creek Estates, Fourth Addi- tion; Bond for Improvements Dear Ms. Powers: This is to confirm our telephone conversation of this afternoon. You may accept the attached letter of credit with the attached letter of Dean L. Peyton, Vice President, Brenton National Bank of Des Moines, as the bond required as security for completion of site improvements relative to Willow Creek Estates, Fourth Addition. The letter of Credit as tendered uses the term "Mortenson Project I. " That should be changed to read "Willow Creek Estates, Fourth Addition" since that is the official name of the plat of subdivision for which the agreement for site improvements was made as a condition of plat approval pursuant to section 409. 14 Code of Iowa. Paul Wiegand, the Municipal Engineer, will provide a memorandum to support the reduction in the amount of the security from $320,000.00, as called for by the agreement for improve- ments, to $120,000.00 as now tendered. Very truly yours, John R. Klaus City Attorney 5th & Kellogg Ames, Iowa 50010 Phone: (515) 239-5146 Encls 2 cc: Paul Wiegand Bryan O'Connell Ev Cochrane D E C 28 1987 BANK BRENTON You"oking bwk. BRENTON NATIONAL BANK OF DES MOINES P.O. BOX 891 1 DES MOINES, IOWA 50304 December 23, 1987 w John Klaus, City Attorney `_''• City of Ames City clr Hall CiT,- ; Ames, IA 500100F Dear John: I would like to confirm that Brenton National Bank of Des Moines has issued a Letter of Credit in the amount of $120,000.00 to the city of Ames for completition of certain site improvements at Everet Cochrane's Mortensen I project. If it were necessary to draw or collect under this Letter of Credit, you will need to notify the bank in writing that you are drawing funds up to the $120,000.00. This demand must include the statement as it is disclosed on the Letter of Credit, and the demand must be signed by an official of the city of Ames. Upon receipt of your letter con- taining the proper statement and signature, we will forward the requested amount to the city of Ames. If I can answer any further questions, please do not hesitate to call. Sincerely, Dean L. Peyton Vice President DLP:my cc: Everet Cochrane CAPITAL SOUARE INGERSOLL NORTHWEST SOUTH DES MOINES WAKONDA WEST DES MOINES 400 LOCUST ST.,#200 50309 29TH&INGERSOLL 50312 2805 BEAVER 50310 SW 9TH&McKINLEY 50315 4303 FLEUR DRIVE 50315 101 VALLEY WEST MALL 50265 244-4088 243-4151 279-3693 285-1450 285-8373 225-8282 To From D Subject 1 vate �G�� C^� CITY OFCITYAMES AJOyyA `9�/�� Message SIGNED DATE Reply NNational'B—d 47-223 SIGNED Made")USA THIS COPY FOR PERSON ADDRESSED TO: John Klaus, City Attorney erg IL D FROM: Paul Wiegand, Municipal Engineer ` ! 2 9 �� a �87 DATE: December 28, 1987 .�, _ �ryCl7 r Ri;L�R SUBJECT: Improvement bond for Willow Creek 4th Additi n:' �`F""ts wa Please be advised that some of the improvements that the City required surety to be filed for in conjunction with the development of Willow Creek 4th Addition have been completed. The original bond has been reduced to its current level of $120,000 to reflect these completions. The remaining items include street surface, tennis courts, tot lots, seeding, sodding, and landscaping. All other bonded improvements have been constructed in an acceptable manner as the development has progressed. PW/dwj FILED MEMORANDUM DEC 2 31987 TO: Brian O'Connell , Planning & Housing CITY CLERK Arnold Chantl and, Public Works CITY Of AMM lowA Nancy Gibbons, City Clerk FROM: John R. Klaus, City Attorne DATE: December 23, 1987 SUBJECT: Mortenson Project I Irrevocable Documentary Letter of Credit With this is a copy of the instrument delivered to the City Clerk by Ev. Cochrane in the hope that the City will accept it in lieu of the certified check now on file as security for the subdivider' s agreement to complete certain required improvements. I'm not familiar with this instrument, or how it will work. If I can get a letter of explanation from the bank or legal counsel that will assure me that the instrument is tantamount'to a certified check, it may be acceptable. cc: Steve Holm Encl