HomeMy WebLinkAboutLetter of CreditI
RECEIVED
Public -Dept. NOV 2 8 2007
City of Meridian
City Cleric Office
Memo
To: Will Berg'
From: Lenard A Grady, P.E.
s:
CC: File, Karie, P & Z Staff
Date: 11 /26/07
P--: Medina Subdivisi3i-,
I have signed the plat for the above project and am forwarding it to you for your signature.
Based on our research of the project files, all conditions imposed by the Public Works
Department and City Council have been met.
I am also forwarding original letter of credit No 562 (Bank of the Cascades — dated 11/20/07)
for $72,458.65. This represents surety for items, and in amounts, listed on the attached
spreadsheet.
Please call Donna Wilson @ 939-4041 ext 110 when the plat is ready to be picked up.
Please call me if you have any questions.
Thank you.
From the desk of ..
Lenard A Grady, P.E.
City Engineer
Meridian Public Works Department
660 E. Watertower Lane, Suite 200
Meridian, Idaho 83642
(208)898-5500
• Page 1 Fax: (208) 898-9551
Brady-19merdiancity org
Z"N
BANK OF THE
CASCADES
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 562
Issue Date: November 20, 2007
Expiration: November 20, 2008
At the counters of: Bank of the Cascades
30 E. Broadway Ave., Meridian, ID 83642
City of Meridian
660 East Watertower, Suite 200
Meridian, ID 83642
To Whom It May Concern:
Bank of the Cascades, (the Bank) hereby establishes in favor of the City of Meridian, the Beneficiary, for
the account of Meridian Gateway Associates, LLC, the applicant, our Irrevocable Standby Letter of Credit
in the amount of Seventy two thousand four hundred fifty eight and sixty five cents in United States Dollars
($72,458.65 USD) available by immediate payment upon presentation of Beneficiary's sight draft drawn on
Bank of the Cascades in an amount not exceeding the credit hereby established during the dates of
November 20, 2007 through November 20, 2008.
Surety Reduction Inspection(s): The Bank's understanding is that the outstanding liability of this Letter of
Credit will be reduced as the covered improvements are completed to the Beneficiary's satisfaction by its
Surety Reduction Inspection process.
Partial drawings are permitted.
Reimbursement Instructions: Sight drafts under this Letter of Credit must bear the clause: "Drawn
under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 562 dated November 20, 2007".
Beneficiary's sight drafts must also be accompanied by the following documents:
1. Beneficiary's written statement signed by a person purportedly authorized by the
Beneficiary, stating that Meridian Gateway Associates, LLC has not complied with the
City of Meridian conditions of approval for the sewer, water and pressurized irrigation
completion of the Medina Subdivision.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of the Letter of Credit
will be duly honored if presented to the Meridian Branch of Bank of the Cascades at 30 E. Broadway Ave.,
Meridian, ID 83642, along with the required conforming documents by November 20, 2008.
Except so far as otherwise stated herein, this letter of credit is subject to the International Standby Practices
(ISP 98), International Chamber of Commerce Publication No. 590.
Bank of py Cascades
Steve Nielson, Senior c President
Date
SERVING COMMUNITIES IN OREGON AND IDAHO
www.botc.com NASDAQ: CgCB
RECEIVED
NOV 2 8 2007
City of Meridian
city Clerk Office
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/,O BANK OF THE
CASCADES
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 562
Issue Date: November 20, 2007
Expiration: November 20, 2008
At the counters of: Bank of the Cascades
30 E. Broadway Ave., Meridian, ID 83642
City of Meridian
660 East Watertower, Suite 200
Meridian, ID 83642
To Whom It May Concern:
Bank of the Cascades, (the Bank) hereby establishes in favor of the City of Meridian, the Beneficiary, for
the account of Meridian Gateway Associates, LLC, the applicant, our Irrevocable Standby Letter of Credit
in the amount of Seventy two thousand four hundred fifty eight and sixty five cents in United States Dollars
($72,458.65 USD) available by immediate payment upon presentation of Beneficiary's sight draft drawn on
Bank of the Cascades in an amount not exceeding the credit hereby established during the dates of
November 20, 2007 through November 20, 2008.
Surety Reduction Inspection(s): The Bank's understanding is that the outstanding liability of this Letter of
Credit will be reduced as the covered improvements are completed to the Beneficiary's satisfaction by its
Surety Reduction Inspection process.
Partial drawings are permitted.
Reimbursement Instructions: Sight drafts under this Letter of Credit must bear the clause: "Drawn
under Bank of the Cascades, Irrevocable Standby Letter of Credit No. 562 dated November 20, 2007".
Beneficiary's sight drafts must also be accompanied by the following documents:
1. Beneficiary's written statement signed by a person purportedly authorized by the
Beneficiary, stating that Meridian Gateway Associates, LLC has not complied with the
City of Meridian conditions of approval for the sewer, water and pressurized irrigation
completion of the Medina Subdivision.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of the Letter of Credit
will be duly honored if presented to the Meridian Branch of Bank of the Cascades at 30 E. Broadway Ave.,
Meridian, ID 83642, along with the required conforming documents by November 20, 2008.
Except so far as otherwise stated herein, this letter of credit is subject to the International Standby Practices
(ISP 98), International Chamber of Commerce Publication No. 590.
Bank of py CascadVcPreJsidLent
Steve Nielson, enDate
SERVING COMMUNITIES IN OREGON AND 1DAHO
www.botc.com NASDAQ: CACB