HomeMy WebLinkAboutA024 - Returned Letter of Credit No. 0448 - done February 10, 2021 r
Sr FIRST -J
NATIONAL
BANK
Issue Date: December 23, 2018
Irrevocable Letter of Credit No. 0448
RE: LDY Subdivision, First Addition (Sidewalk Installation)
City of Ames
515 Clark
Ames, IA 50010
Ladies/Gentlemen,
We hereby establish our Irrevocable Letter of Credit No. 0448 in favor of:
City of Ames
515 Clark
Ames, IA 50010
For the Account of: LDY, LLC
105 S 161h St.
Ames, IA 50010
In the amount of 27,700.00 U.S. Dollars. Irrevocable Letter of Credit No. 0448 will expire on
December 23,2020.
Draft(s)for payment must be accompanied by the following:
1. Statement indicating which item(s) were not completed under the original estimate of
cost submitted to establish this letter of credit.
2. Copies of all invoices, from a third party provider that the City of Ames hired to
complete the specific item(s) or if the City completed the item(s), an itemization of the
cost.
3. Beneficiary's signed statement indicating that they are requesting the lesser of the cost to
complete the specific item(s) or the stated dollar amount of the original estimate of cost
submitted to establish this letter of credit.
4. Copy of this Irrevocable Letter of Credit No. 0448.
We hereby agree that draft(s) drawn under and in compliance with the terms of this Letter of
Credit will be duly honored. Partial Payments are permitted.
This Letter of Credit is subject to the Uniform Customs and Practice of Documentary Credit
(1993) Revision, International Chamber of Commerce Publication#400.
Sincerely,
First National Bank of Ames
B � z, eSU?
Lucas Deardorff, Senior Vic r sident
www. FNB247 . com
Member FDIC LE