Bonding Site ImprovementsC�WCITY OF
6YlG�l�yl
IDAHO
cF
TREASURE VAUSINCE
1903
MAYOR I
Tammy de Weerd
CITY COUNCIL MEMBERS
Keith Bird
Joseph W. Borton
Charles M. Rountree
Shaun Wardle
CITY DEPARTMENTS
City Attorney/HR
703 Main Street
898-5506 (City Attorney)
898-5503 (HR)
Fax 884-8723
Fire
540 E. Franklin Road
888-1234/fax 895-0390
Parks & Recreation
11 W. Bower Street
888-3579/fax 898-5501
Planning
660 E. Watertower Lane
Suite 202
884-5533/fax 888-6844
Police
1401 E. Watertower Lane
888-6678/fax 846-7366
Public Works
660 E. Watertower Lane
Suite 200
898-5500/fax 895-9551
- Building
660 E. Watertower Lane
Suite 150
887-2211/fax 887-1297
Wastewater
3401 N. Ten Mile Road
888-2191/fax 884-0744
Water
2235 N.W. 8th Street
888-5242/fax 884-1159
April 26, 2006
Mr. William Miller
Idaho Independent Bank
317 North 9th Street
Boise, ID 83702
343-5565
Re: Return Letter of Credit for Meridian Fire Station # 4
for Record Steel and Construction, Inc..
After a site inspection and review of the Meridian Fire Station # 4 Project
by the Planning Department and the Public Works Department, it has
been determined to release the Letter of Credit of $32,79 9.00 to you for
the completion of the landscaping site improvement. Please use this letter
as authorization for Idaho Independent Bank to release the Irrevocable
Letter of Credit No. 30982.
If you have any questions please contact me. Thank you for your
cooperation.
Sincerely
�
William G. Berg, Jr.
City Clerk
Enclosure
CITY HALL 33 EAST IDAHO AVENUE MERIDIAN, IDAHO 83642 (208) 888-4433
CITY CLERK— FAX 888-4218 FINANCE & UTILITY BILLING— FAX 887-4813 MAYOR'S OFFICE —FAX 884-8119
Printed on recycled paper
L
IRREVOCABLE LETTER OF CREDIT
Borrower: RECORD STEEL AND CONSTRUCTION, INC. Lender: IDAHO INDEPENDENT BANK
1854 E. LANARK STREET BOISE OFFICE
MERIDIAN, ID 83642 317 NORTH 9TH STREET
BOISE, ID 83702
(208) 343-5565
Beneficiary: CITY OF MERIDIAN
200 E. CARLTON AVENUE
MERIDIAN, ID 83642
NO.: 30182
EXPIRATION DATE. This letter of credit shall expire upon the close of business on 04-25-2006 and all drafts and accompanying statements or
documents must be presented to Lender on or before that time (the "Expiration Date").
AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of
Beneficiary for a sum of Thirty-two Thousand Seven Hundred Ninety-one & 00/100 Dollars (532,791.00) (the "Letter of Credit"). These funds
shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated
above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed
written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT
CAN BE AMENDED, OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY
WITH ITS TERMS AS WRITTEN.
DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions:
BENEFICIARY'S SIGNED STATEMENT CERTIFYING THAT RECORD STEEL AND CONSTRUCTION, INC. HAS FAILED TO PERFORM RELATIVE
TO THE INSTALLATION OF LANDSCAPING FOR MERIDIAN FIRE STATION #4 LOCATED ON SOUTH EAGLE ROAD. THE SPECIFIC AREA OF
NON-COMPLIANCE IS TO BE IDENTIFIED BY THE BENEFICIARY.
Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated
to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. If a
non -conforming demand is made, Lender shall notify Beneficiary of Lender's dishonor on or before the time specified in the "Timing of Dishonor"
paragraph below.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other
document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or
presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as
Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no
representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount
paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of
such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the
other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of
the Letter of Credit's maximum drawing amount.
USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER IDAHO INDEPENDENT BANK IRREVOCABLE LETTER OF CREDIT NO. 30182
DATED 01-23-2006," and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying
statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must
accompany any draft drawn hereunder.
Partial draws are not permitted under this Letter of Credit.
PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable, except for:
A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver,
liquidator, successor, or other representative at law of the original Beneficiary; and
B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a
governmental body (judicial, administrative, or executive).
TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving
transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more
documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary.
TIMING OF DISHONOR. Lender may rely upon any reason for dishonor which it communicates to Beneficiary or the presenter within three (3)
Banking Days after Lender has received the last document forming Beneficiary's presentment (the "Three -Day Period"), Lender shall be entitled
to rely upon such reason without regard to either (i) the timing of any presentment made before the Expiration Date, or (ii) the timing inside the
Three -Day Period of any preliminary communication(s) from Lender concerning the dishonor decision or any reason for dishonor. For any reason
for dishonor given during the Three -Day Period, Lender shall be conclusively deemed to have met the "reasonable time", "without delay", and
other timing requirements as the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No. 500, as most
recently published by the International Chamber of Commerce (the "UCP") may impose. The Expiration Date shall not be extended to
accommodate a presentment made less than three (3) Banking Days before the Expiration Date, and Beneficiary shall not be entitled to submit a
draw request or provide Lender with any documents in support of a draw after the Expiration Date. Lender shall not be required to communicate
a dishonor decision or its reasons within a time less than the Three -Day Period. "Banking Day" means any day, except Saturday, on which
commercial banks located in Idaho are open.
COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of
this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording.of this Letter
of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary,
and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording.
NON -SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body
having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and
Beneficiary shall be restored to u e position C ch vio 'ld have oc icd dJi � is ab though this L
-up th a rig„ � available o�g�: :,> • etter of credit had never
occurred. This non -severability provision shall override all other provisions in this Letter of Credit, as
matter where such provision appears
within this Letter of Credit.
GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Idaho without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the UCP.
This Agreement has been accepted by Lender in the State of Idaho.
EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be
duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above.
Dated: January 23, 2006
IRREVOCABLE LETTER OF CREDIT
Loan No: 3390938 (Continued) Page 2
LENDER:
IDAHO INDEPEND T BANK
By:
14th.fim Signer
LASER PRO Landing, Ver. 5.30.10.001 COP,. HM -d Financial Solutions, Inc. 1997, 2008. All Right, R --d. - ID P:\HARLANDIPROSUiTE\CFI1LPLtC63LOC.FC TR -8820 PR -15
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of Credit/Bond No.:
Issued By:
Expiration Date:
Check No.:
Item
Meridian Fire Station #4
1/26/2006
30182
Idaho Independent Bank
4/25/2006
Unfinished Partial
Surety
Party Responsible Date Signed Off/
For Sign -Off Person Comments
Sanitary Sewer -internal
$0.00
$0.00
Public Works
Sanitary Sewer -offsite
$0.00
$0.00
Water -internal
$0.00
$0.00
Public Works
Water- Offsite
$0.00
$0.00
Public Works
Street Lights
$0.00
$0.00
Building
Landscaping
$29,810.00 $2,981.00
$32,791.00
PZ 4/26/06 JG
Pathways
$0.00
$0.00
PZ
Fencing
$0.00
$0.00
PZ
Tiling
$0.00
$0.00
PZ
Pressurized Irrigation
$0.00
$0.00
NMID
Gravity Irrigation
$0.00
$0.00
NMID
Other:
$0.00
$0.00
PW
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
TOTAL: $29,810.00 $2,981.00 $32,791.00
4/26/06 EXPIRED AS OF YESTERDAY - BUT IS OKAY TO RELEASE IN FULL KG
Page 1 of 1
Will Berg
From:
Karie Glenn
Sent:
Wednesday, April 26, 2006 3:50 PM
To:
Will Berg
Subject:
Loc release - Meridian Fire Station #4
Attachments: Meridian Fire Station #4.xls
Attached detail - actually expired yesterday - but is ready to release.
4/26/2006
OECEIVFGI
,JAN 2 7 2006
City of Meridian
City Clerk Office
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of Credit/Bond No.:
Issued By:
Expiration Date:
Check No.:
Item
Meridian Fire Station #4
1/26/2006
30182
Idaho Independent Bank
4/25/2006
Unfinished Partial
Surety
Party Responsible Date Signed Off/
For Sign -Off Person Comments
Sanitary Sewer -internal
$0.00
$0.00
Public Works
Sanitary Sewer -offsite
Water-internal
Water- Offsite
$0.00
$0.00
$0.00 $0.00
Public Works
---i
$0.00 $0.00
Public Works
j Street Lights
$0.00
$0.00
Building
Landscaping
$29,810.00
$2,981.00
$32,791.00
PZ
Pathways
$0.00
$0.00
PZ
Fencing
$0.00
$0.00
PZ
Tiling
$0.00
$0.00
PZ
Pressurized Irrigation
$0.00
$0.00
NMID
Gravity Irrigation
$0.00
$0.00
NMID
Other:
$0.00
$0.00
PW
$0.00
$0.00
j
$0.00
$0.00
$0.00
$0.00
TOTAL:
$29,810.00
$2,981.00
$32,791.00
END 101MR11111i
IRREVOCABLE LETTER OF CREDIT
Borrower: RECORD STEEL AND CONSTRUCTION, INC. Lender: IDAHO INDEPENDENT BANK
1854 E. LANARK STREET BOISE OFFICE
MERIDIAN, ID 83642 317 NORTH 9TH STREET
BOISE, ID 83702
(208) 343-5565
Beneficiary: CITY OF MERIDIAN
200 E. CARLTON AVENUE
MERIDIAN, ID 83642
NO.: 30182
EXPIRATION DATE. This letter of credit shall expire upon the close of business on 04-25-2006 and all drafts and accompanying statements or
documents must be presented to Lender on or before that time (the "Expiration Date").
AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of
Beneficiary for a sum of Thirty-two Thousand Seven Hundred Ninety-one & 00/100 Dollars (532,791.00) (the "Letter of Credit"). These funds
shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated
above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed
written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT
CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY
WITH ITS TERMS AS WRITTEN.
DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions:
BENEFICIARY'S SIGNED STATEMENT CERTIFYING THAT RECORD STEEL AND CONSTRUCTION, INC. HAS FAILED TO PERFORM RELATIVE
TO THE INSTALLATION OF LANDSCAPING FOR MERIDIAN FIRE STATION #4 LOCATED ON SOUTH EAGLE ROAD. THE SPECIFIC AREA OF
NON-COMPLIANCE IS TO BE IDENTIFIED BY THE BENEFICIARY.
Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated
to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. If a
non -conforming demand is made, Lender shall notify Beneficiary of Lender's dishonor on or before the time specified in the "Timing of Dishonor"
paragraph below.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other
document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or
presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as
Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no
representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount
paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of
such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the
other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of
the Letter of Credit's maximum drawing amount.
USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER IDAHO INDEPENDENT BANK IRREVOCABLE LETTER OF CREDIT NO. 30182
DATED 01-23-2006," and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying
statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must
accompany any draft drawn hereunder.
Partial draws are not permitted under this Letter of Credit.
PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable, except for:
A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver,
liquidator, successor, or other representative at law of the original Beneficiary; and
B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a
governmental body (judicial, administrative, or executive).
TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving
transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more
documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary.
TIMING OF DISHONOR. Lender may rely upon any reason for dishonor which it communicates to Beneficiary or the presenter within three (3)
Banking Days after Lender has received the last document forming Beneficiary's presentment (the "Three -Day Period"). Lender shall be entitled
to rely upon such reason without regard to either (i) the timing of any presentment made before the Expiration Date, or (ii) the timing inside the
Three -Day Period of any preliminary communication(s) from Lender concerning the dishonor decision or any reason for dishonor. For any reason
for dishonor given during the Three -Day Period, Lender shall be conclusively deemed to have met the "reasonable time", "without delay", and
other timing requirements as the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No. 500, as most
recently published by the International Chamber of Commerce (the "UCP") may impose. The Expiration Date shall not be extended to
accommodate a presentment made less than three (3) Banking Days before the Expiration Date, and Beneficiary shall not be entitled to submit a
draw request or provide Lender with any documents in support of a draw after the Expiration Date. Lender shall not be required to communicate
a dishonor decision or its reasons within a time less than the Three -Day Period. "Banking Day" means any day, except Saturday, on which
commercial banks located in Idaho are open.
COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of
this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording,of this Letter
of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary,
and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording.
NON -SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body
having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and
Beneficiary shall be restored to the position each -wod have occupied r'th all rights available as though this Le2r of
had never
occurred. This non -severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears
within this Letter of Credit.
GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Idaho without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the UCP.
This Agreement has been accepted by Lender in the State of Idaho.
EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be
duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above.
Dated: January 23, 2006
IRREVOCABLE LETTER OF CREDIT
Loan No: 3390938 (Continued)
Page 2
LENDER:
IDAHO INDEPENDENT BANK
LASER PRO Lending, Ver. 5.30.10.001 C -P, Hedend Financial S-11tiona, Inc. 1997, 3008, All Right, Reserved. - ID P:\HARLAND\PROSl1ITE\CFI\LPL\C43LOC.FC TR -8820 PR15