HomeMy WebLinkAboutA033 - Letter dated June 10, 2010 releasing financial security with copy of letter of credit no. 378 City Clerk's Office
515 Clark Avenue,P. 0.Box 811
Caring Peap(e
audityP-9— Ames,IA 50010
Exceptional Service Phone:515-239-5105
Fax:515-239-5142
June 10, 2010
Dayton Park, LLC
105 S.16th Street
Ames, Iowa 50010
Attention Chuck Winkleblack
RE: Somerset Subdivision, 22nd Addition
Dear Chuck:
At its meeting of June 8, 2010, the Ames City Council adopted a Resolution accepting completion
of public improvements for the above-named Subdivision. As a result, Letter of Credit No. 378
filed as financial security has been released and is enclosed herewith.
Thank you for your assistance.
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
STFIRST
NATIONAL
BANK
AMES•ANKENY
Issue Date: May 20,2009
Irrevocable Letter of Credit No. 378
City of Ames
515 Clark Avenue
Ames,IA 50010
RE: Dayton Park,LLC
105 S. 16th St.
Ames, Iowa 50010
To Whom it May Concern:
We hereby establish our Irrevocable Letter of Credit No. 0378 in favor of
City of Ames
515 Clark Avenue
Ames,Iowa 50010
For the account of: Dayton Park,LLC
105 S. 16th St.
Ames,Iowa 50010
In the amount of$370,354.00 U.S. dollars. Irrevocable Letter of Credit No. 0378 will expire on
May 20,2010 unless renewed or extended.
Drafts for payment must be accompanied by the following:
1) Copies of all invoices,which have remained unpaid for 60 days from invoice date.
2) Beneficiary's signed statement indicating that the invoices are unpaid.
3) Copy of this Irrevocable Letter of Credit No. 0378
Partial payments are permitted.
We hereby agree that drafts drawn under and in compliance with the terms of this Letter of Credit
will be duly honored.
This Letter of Credit is subject to the Uniform Customs and Practices for Documentary Credits
(1993)Revision,International Chamber of Commerce Publication#500.
Sincerely,
APPR
BY
DOWOW R.MA EK
CITY ATTORNEY
Scott T.Bauer,President
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