HomeMy WebLinkAboutA022 - Letter dated November 13, 2002 releasing letter of credit no. 1202 with copy City Clerk's Qffice---
515 Clark Avenue,P.O.Box 811
CoriogPeople Ames,IA 50010
Quality PMg'IIr"S Phone: 515-239-5105
Exceptional Service
Fax: 515-239-5142
November 13, 2002
Hunziker&Associates
105 S. 16th Street
Ames, Iowa 50010
Attention Chuck Winkleblack
RE: Somerset Subdivision, 9th Addition
Dear Chuck:
At their meeting of November 12, 2002, the Ames City Council accepted completion of the public
improvements required for the above-named Subdivision and released the financial security being
held therefor. Enclosed is the original Irrevocable Standby Letter of Credit No. 1202.
If you have any questions,please contact me.
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
Copy to: Sara Lehman,U. S. Bank
*FIRSFAR
Bank Without Boundaries
405 Main Street
P.O.Box 828
Ames,Iowa 50010-0828
515/232-8200
515/232-5865 Fax
December 18, 2001
BENEFICIARY: APPLICANT:
CITY OF AMES TAYLOR LAND JOINT VENTURE
515 CLARK AVENUE 105 S. 16TH STREET
AMES, IA 50010 AMES, IA 50010
SOMERSET SUBDIVISION,
9TH ADDITION
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1202
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 $12,000
U.S. DOLLARS (TWELVE THOUSAND DOLLARS 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 SOMERSET, 9TH ADDITION, AMES, STORY COUNTY, IOWA HAVE
NOT BEEN COMPLETED BEFORE NOVEMBER 2, 2002".
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)
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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 1202 DATED NOVEMBER 2, 2001".
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 NOVEMBER 2, 2002.
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,
JOHN T. RUSSELL SARA LEHMAN
MARKET PRESIDENT ASSISTANT VICE PRESIDENT