HomeMy WebLinkAboutA020 - Letter dated June 13, 2001 releasing Irrevocable Letter of Credit No. 1199 City Clerk's Office
515 Clark Avenue,P. O.Box 811
Coring People Ames,IA 50010
Q,aliry hWa— Phone: 515-239-5105
Fxreplioual Semice
Fax: 515-239-5142
June 13, 2001
Dean Hunziker
105 S. 16th Street
Ames, Iowa 50010
RE: Hillside Subdivision, 6th Addition
Dear Mr. Hunziker:
At their meeting of June 12, 2001, the Ames City Council adopted Resolution No.-01-249
approving completion of street surface paving for the above-named Subdivision and authorizing
the release of the security being held therefor. Enclosed is the original Irrevocable Letter of Credit
1199 in the amount of$20,000. Please notify your financial institution that same has been
released.
If you have any questions, please contact me.
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
Copy to: Sara Lehman, First National Bank
*FIRSTAR ...
Bank Without Boundaries
405 Main Street
P.O.Box 828
Ames,Iowa 50010-0828
515/232-8200 —
515/232-5865 Fax
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DES' ; 3 20�10
December 5, 2000 4
BENEFICIARY: APPLICANT:
CITY OF AMES HUNZIKER DEVELOPMENT CO, LC
515 CLARK AVENUE 105 S. 16TH STREET
AMES, IA 50010 AMES, IA 50010
HILLSIDE SUBDIVISION,
6TH ADDITION
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1199
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
$20,000.00 U.S. DOLLARS (TWENTY 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 FINAL LIFT ON STREET
SURFACES FOR HILLSIDE, 6TH ADDITION, AMES, STORY COUNTY, IOWA HAVE
NOT BEEN COMPLETED BEFORE DECEMBER 5, 2001".
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)
***CONTINUED ON NEXT PAGE****
PAGE 2
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,N.A. STANDBY LETTER OF CREDIT
NUMBER 1199 DATED DECEMBER 5, 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 FIRSTAR
BANK,N.A., 405 MAIN STREET, AMES, IA 50010 ATTN: JOHN T. RUSSELL IF DRAWN
AND PRESENTED AT THIS OFFICE ON OR BEFORE DECEMBER 5, 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,
U .�9�
--- -------- '- --- - ------- ------- ------------------r 1 ---------
JOHN T. RUSSELL SCOT KINNE
MARKET PRESIDENT VICE PRESIDENT
__�..I—)AS Tb FORM
APPROVED AS 7O FORM
John R.Klaus
City Attorney