HomeMy WebLinkAboutA023 - Letter dated August 27, 2003 releasing security with copy of letter of credit City Clerk's Office
515 Clark Avenue,P.O.Box 811
Coring People Ames,IA 50010
Qaali y P-9— Phone: 515-239-5105
Exceptional Service
Fax: 515-239-5142
August 27, 2003
Commercial Federal Bank
5500 Westown Parkway, Suite 120
West Des Moines, Iowa 50266
Attention John R. Humeston
RE: South Gateway Development Subdivision, Phase 1A
Dear Mr. Humeston:
At their meeting of August 26, 2003, the Ames City Council adopted Resolution No. 03-342
accepting completion of public improvements for the above-named Subdivision and releasing the
security therefor. The Letter of Credit is enclosed.
Thank you for your assistance throughout this process.
Sincerely,
Diane Voss
City Clerk
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Enclosure
0 Commercial
Federal,Bank
4p" Irrevocable Letter of Credit
No.3700663792
June 18,2002
City of Ames
Ames,Iowa 50010
RE: South Dayton Development,L.C.
Phase 1, South Gateway Subdivision
Dear Sirs:
We hereby establish our Irrevocable Letter of Credit No. 3700663792 in.your favor and authorize you to
draw on Commercial Federal Bank,West Des Moines,Iowa,for the account of South Dayton Development
L.C.,Ames,Iowa,up to the aggregate amount of USDL$170,000.00(One hundred seventy thousand anti
00/100 USDL)available by your draft(s)drawn AT SIGHT accompanied by a duly signed statement,
purported to by signed by your authorized officer to the effect that South Dayton Development,L.C.is past
due on the payment of balances due to City of Ames and that demand for payment has been made and the
funds have not been received by City of Ames.
The request for payment under this Letter of Credit No. 3700663792 shall be final and conclusive for all
Purposes without verification by South Dayton Development,L.C.and shall not be subject to refutation,
denial,or contest. Partial drawings are permitted.
This Letter of Credit is non-transferable.
Expiration Date: July 1,2003,at 12:00 Noon;provided,however,that if on such expiration date you are
subject to an order issued by a court of competent jurisdiction which prohibits or restricts your ability to
draw hereon,then such expiration date shall,without any further action,be deemed to be the date which is
thirty(30)days after the date on which such order is dismissed. It is a condition of this Letter of Credit that
it shall be deemed automatically extended without amendment for one year from the present or any future
expiration date hereof,unless at least thirty(30)days before any such expiration date;we shall send notice
to you by registered mail that we elect not to renew this Letter of Credit for such additional period.
Each draft under this Letter of Credit must bear upon its face the words,"Drawn Under Letter of Credit No.
3700663792 issued by Commercial Federal Bank."
Notwithstanding the expiration of this Letter of Credit should you receive payments-frog- South Dayton
Development L.C.which payments are subsequently invalidated,determined to be preferential,set aside or
required to be repaid by you in whole or in part for reasons arising under the bankruptcy or other laws,then
all of our obligations to you hereunder shall be reinstated in full and shall remain in full force and effect,
provided said payments are for obligations entered into prior to the expiration date shown hereon.
Except as otherwise stipulated herein,this Letter of Credit is issued subject to the Uniform Customs and
Practice of Documentary Credits, 1983 Revision,_ICC Publication No.400.
We engage with you that all drafts drawn under and in compliance with the terms of this Letter of Credit
will be duly honored upon presentation to us.
Commercial Federal Bank
By:
John R Humeston,'As 'stant Vice President
APPROVED TO FORM
5500 Westown Parkway,Suite 120 BY
West Des Moines, Iowa 50266 John R.IOaue
Phone:(515)440-7400 GtyAttomey
Fax:(515)440-7311
r
• City Clerk's Office
515 Clark Avenue,P. O.Box 811
Caring People Qudlry Prog— Ames'IA 50010
Erceprional Service Phone: 515-239-5105
Fax: 515-239-5142
June 19,20.02
TO WHOM IT MAY CONCERN:
I,Diane R. Voss,hereby certify that I have this date received, from Brent Haverkamp an Irrevocable
Letter of Credit in the amount of$170,000.
Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the
development of the public improvements: water main, sanitary sewer, paving, in South Gateway
Development Subdivision, to the City of Ames, Iowa.
��� �� `� �
By: ,
Diane R. Voss
Title: City Clerk