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Home My WebLink AboutA022 - Correspondence regarding letter of credit City Clerk's Office 515 Clark Avenue,P. 0.Box 811 Carl gP-pk Ames,IA 50010 QuaUWpro8 Ercepftona!Service Phone: 515-239-5105 Fax: 515-239-5142 November 24, 2004 Ames Community Bank P. O. Box 1766 Ames, Iowa 50010 Attention Randy Purdy, Vice-President RE: Irrevocable Letter of Credit#03 Dear Mr. Purdy: At their meeting of November 23, 2004, the Ames City Council adopted Resolution No. 04-513 accepting completion of public improvements and releasing financial security for Country Meadows Subdivision, 2nd Addition. The Letter of Credit#03 in the amount of$5,000 is enclosed herewith. If you have questions,please contact me. Sincerely, Diane Voss City Clerk /dry Enclosure Copy to: Attorney Craig Hastings, P. O. Box 1794, Ames, Iowa 50010 Mr. Matt Eller, 3219 Valley View Road, Ames, Iowa 50014 1071VIain Street P O Box 1766 y PH 515 956 4343; Ames,Iowa:`50010> FX`515 956 4344`t AMES COMMUNITY 1 March 4 2003 '`I 3,F[ NlAn l 8 2003 Mr. Jerry Byg _ City of Ames, Engineering Division CI3``I CLERK } 515 Clark i _: CITY OF AMES,I®NIA fi Ames, Iowa 50010 Re: Onyx Development, L.C. property at Sapphire Circle,Ames, Iowa,. To Whom It May Concern: We hereby establish our Irrevocable Letter of Credit#03 in your favor for the account of Onyx Development, L.C. in the amount of$5,000 available by your written request and accompanied by your statement that(1)a claim has been made or(2) a situation exists under which in your judgment a claim may be made or(3) liability, loss, costs, or expenses have been sustained. This Letter of Credit expires one (1)years from now,March 4,2004,however, it is a condition of this Letter of Credit that it shall be deemed automatically extended without amendment for annual terms of one year from the present or any future expiration dates hereof, unless at least thirty days prior to the then current expiration date we shall notify you in writing that we elect not to consider this Letter of Credit renewed for any such additional periods. Except as otherwise expressly stated,this Letter of Credit is subject to the"Uniform Customs and Practice for Documentary Credits(1993 Revision) International Chamber of Commerce Publication No. 500." Ames Community Bank &Putdy /�- c Vice President APPROVED AS TO FORM BY John R. us City Attorney ember FDIC www.amesbank.com LENDER Irrevocable Letter of Credit# 1246 Dated: 4/4/01 rq Q City of Ames 515 Clark `APR ® QO� ,I Ames, Iowa 50010 Cif 11 cLE1114 Attn: City Clerk C11Y OFAMES,JOVVA � i. We hereby authorize the City of Ames, Iowa, to draw on Clarke County State Bank, Osceola, Iowa 50213, for the amount of 88,000 or eighty eight thousand, up to the aggregate amount of USD 88,000 available by your draft(s) at sight accompanied by the following documents: A written statement certifying that the terms of the Agreement for Public Improvements for the Country Meadows Second Addition Subdivision have not been fulfilled. Each draft must state that it is "Drawn under Clarke County State Bank, Letter of Credit No. 1246 Dated April 9, 2001. This credit and all documents specified must accompany the draft(s). We hereby agree with you that draft(s)under and in compliance with the terms of this Letter of Credit will be duly honored on delivery of documents as specified if presented at this office in Ames, Iowa,no later than 04/09/04. Annual renewals of this Irrevocable Letter of Credit will be issued automatically with final expiration of 04/09/04. Except as otherwise stated herein, this Irrevocable letter of Credit is subject to the Uniform Customs and Practices for Documentary Credits per International Chamber of Commerce Publication No. 290 (1974 revision) and subject to the provision of the Commercial Code of the State of Iowa. Sincerely, Clarke County State Bank Osceola, Iowa 50213 By Antho y D. Schultz Jerry N Byg To: Paul D Wiegand/COA@COA 01/28/2003 09:21 AM cc: Art L Barton/COA@COA, Diane R Voss/COA@COA Subject: Re:-,Country Meadows Second Addition[] I have told developer that the $5000 letter of credit has to remain in force until the punch list and surface course are placed. - -- - - - - - -- --- - - - - -- - - - - -- - - - - Jerry N Byg To: John C Joiner/COA@COA 01/28/2003 09:23 AM cc: Diane R Voss/COA@COA Subject: Country Meadows 2nd Check with Diane Voss when you get back from vacation about letter of credit for Country Meadows 2nd addition. The bank sent Diane Voss a letter stating that they were going to cancel letter of credit on February 10,2003. - - - - - - - - - -- - - - - - - - --- Diane R Voss To: Paul D Wiegand/COA@COA 01/27/2003 04:55 PM cc: (bcc: Diane R Voss/COA) Subject: Country Meadows Second Addition I have received notice that the Letter of Credit for the above-named Subdivision will be terminated as of February 10, 2003. Are all the improvements in? Please advise. Thanks! I larke County tale Bank _ Main Bank: a a 1, 139 South Main P.O. Box 487 i, Y Osceola, Iowa 50213 January 24, 2003 641/342-6581 b' i JAN 2 7 20 ' FAX 641/342-4647 t Branch Office: Gi3� Ctzs21{ 1320 Jeffreys Drive Osceola, Iowa 50213 City of Ames 1 —- 641/342-4250 515 Clark FAX 641/342-6504 Ames, Iowa 50010 Murray Office:415 Maple Re: Irrevocable Letter of Credit#1246 Murray, Iowa 50174 641/447-2536 Attn: City Clerk ccsb@clarkebank.com www.clarkebank.com The above letter of credit is being terminated as of February 10, 2003. If you have any questions,please give me a call at 641-342-6581 extn. 216. Sincerely, Anthony D. Shultz Sr. Vice President Cc: Matt Eller APR-09-2001 16:02 DMI MORTGAGE—AMES 5152321581 P.02/02 . m Irrevocable Letter of Credit# 1(214 Dated: A 0 City of Ames 515 Clark Ames, Iowa 50010 Attn: City Clerk We hereby authorize the City of Ames, Iowa,to draw on Clarke County State Bank, Osceola,Iowa 50213, for the amount of 88,000 or eighty eight thousand,up to the aggregate amount of USD 88,000 available by your draft(s) at sight accompanied by the following documents: A written statement certifying that the terms of the Agreement for Public Improvements for the Country Meadows Second Addition Subdivision have not been fulfilled. Each draft must state that it is"Drawn under Clarke County State Bank,Letter of Credit No. /o q(o Dated April 9, 2001.This credit and all documents specified must accompany the draft(s). We hereby agree with you that draft(s) under and in compliance with the terms of this Letter of Credit will be duly honored on delivery of documents as specified if presented at this office in Ames, Iowa,no later than 04/09/04. Annual renewals of this Irrevocable Letter of Credit will be issued automatically with final expiration of 04/09/04. Except as otherwise stated herein,this Irrevocable letter of Credit is subject to the Uniform Customs and Practices for Documentary Credits per International Chamber of Commerce Publication No. 290(1974 revision)and subject to the provision of the Commercial Code of the State of Iowa. Sincerely, Clarke County State Bank Osceola, Iowa 50213 ArftBy hony D. s huttz Ti"1T/I